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Jim Cramer doubled down on his tip to buy crypto, saying he was “going to call the top by recommending it yet again.”
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Markets commentator Jim Cramer, who some believe makes predictions that end up being the opposite of what happens, said Bitcoin should be part of an investor’s portfolio — which has dropped 2% on the day.
In a Nov. 26 edition of CNBC’s Mad Money, Cramer endorsed owning crypto as a hedge against a ballooning deficit as US debt climbs over $36 trillion.
“I think Bitcoin, Ethereum and maybe even some other cryptocurrencies deserve a spot in your portfolio,” he said. “Maybe one day, if the deficit gets under control, I’ll change my tune.”
Cramer has become a meme for his investment advice which many think usually turns out to be the wrong call. There was even a short-lived exchange-traded fund (ETF) that bet against his buy tips which flopped.
In the last 24 hours, Bitcoin (BTC) has dropped 2%, down to around $92,700, still cooling after a rally that sent it to a peak of $99,571 on Nov. 23.
“I’ve liked crypto for a very long time,” Cramer said on his show. “Mostly because I know there’s a huge constituency of investors who want to buy something that can protect them from our government’s busted budget.”
The Mad Money host also admitted to still owning crypto because the “national debt worries are never going to go away.”
“I’m going to call the top by recommending it yet again,” Cramer said. “Weird how I’ve been recommending gold and crypto for so many years, yet they’re both near all-time highs, and I take heat anyway.”
In a Nov. 21 edition of Mad Money, Cramer also told a caller that they should “own Bitcoin that’s a winner,” at the time, Bitcoin was up around the $98,000 mark.
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According to Cramer, he is being blamed by a “bunch of yahoos saying I called the top in crypto by recommending it.”
Cramer has had a love-hate relationship. In the past he has claimed cryptocurrencies have “no real value” and advised holders to sell. Cramer has since admitted he was wrong and talked about making money from owning crypto.
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This article first appeared at Cointelegraph.com News
