Market commentator and popular media personality Jim Cramer advocated for Bitcoin BTC/USD as a hedge against the escalating U.S. national debt on Wednesday, adding that he is buying a lot himself.
What Happened: During a CNBC segment, Cramer expressed his concerns about the future of the U.S. economy amid a worsening debt crisis. He suggested that Bitcoin could serve as a hedge against this deficit.
“I think people want to hold some as a hedge against $37 trillion debt. They want to own it for their kids,” he said. “And you know who else feels like that? Me. I’m worried about my kids.
The "Mad Money" host revealed that he is buying “a lot” of Bitcoin and encouraged his fellow panelists to invest too.
When asked if the apex cryptocurrency would withstand financial crisis, Cramer responded emphatically, “Yes.”
Why It Matters: Cramer has been endorsing Bitcoin and cryptocurrencies for some time now. Earlier this year, he described Bitcoin as a “great thing” to have in investment portfolios.
Earlier this month, he predicted that JPMorgan CEO Jamie Dimon would abandon his skepticism and “go all in on cryptocurrency.”
Interestingly, this is a dramatic departure from his earlier stance, in which he dismissed cryptocurrencies as a “scam” and warned investors to stay away from the asset class.
Cramer’s picks often move in the opposite direction, and he is perceived by many as an inverse indicator, a phenomenon so well known that it even inspired the creation of the Inverse Cramer ETF in 2022. There has been no definitive proof of this being a profitable strategy, though.
Price Action: As of this writing, Bitcoin was trading at $118,700, up 0.06% in the last 24 hours, according to data from Benzinga Pro.
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