Jim Cramer Says He Was 'Premature' In Selling Bitcoin: 'If You Like Bitcoin, Buy Bitcoin'

CNBC TV host Jim Cramer acknowledged a misstep in his assessment of Bitcoin BTC/USD.

What Happened: During an episode that aired Wednesday, Cramer addressed a viewer’s question about investing in Bitcoin mining company CleanSpark.

Cramer said, “Look, if you like Bitcoin, buy Bitcoin. That has always been my view. And for a while, I liked it, and I decided that money had been made, but I was premature.”  He added, “When you made a lot of money. Let’s not look back.”

The ‘Mad Money' host sold all of his Bitcoin and bought Ethereum ETH/USD instead in 2021. However, he sold his Ethereum position after he found out his bank was unwilling to accept it. 

Cramer explained that he spoke with executives at his bank about storing Ethereum and they refused to take it, despite Cramer having been a customer for 30 years.  “And you know what, thank you. That was a great reason to sell,” he said while speaking on CNBC’s “Squawk On The Street,” on Dec. 6, 2022.

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Why It Matters: His comments came as Bitcoin is hovering around $37,000 and Binance CEO Changpeng Zhao has been released from custody on a bond of $175 million.

In a court appearance earlier that Tuesday, Zhao entered a guilty plea to charges related to breaching the Bank Secrecy Act. According to federal authorities, he was implicated in ordering Binance to enable American clients to access the exchange’s services, failing to adhere to the necessary customer identification and anti-money laundering protocols.

Price Action: At the time of writing, Bitcoin was trading at $37,318.38, up 0.11% in the last 24 hours according to Benzinga Pro.

Photo by s_bukley on Shutterstock

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