Jim Cramer sold all of his crypto holdings in late 2021 and used the earnings to buy a farm. Based on his comments from Wednesday, it sounds like he may be considering getting back in.
What To Know: Wednesday on CNBC’s “Squawk On The Street,” Cramer talked about the recent bull run in crypto markets, which was sparked by the approval of spot Bitcoin BTC/USD ETFs in January.
It’s only a matter of time before the SEC approves similar ETFs for Ethereum ETH/USD, he said, adding that he expects the eventual approval to spur another rally in crypto markets.
Apple is making headlines this week after reports suggested the company plans to abandon Apple Car development to focus on generative AI. When CNBC’s David Faber asked Cramer what he thinks about the Apple news, he responded by suggesting that investors swap out of Apple and into Ethereum.
“Why would you ever be in something that could go down when you can be in something that can only go up? Ethereum,” Cramer said.
Cramer has long held the belief that when it comes to Apple stock, investors should “own it, don’t trade it” so Faber picked up on Cramer’s apparent sarcasm right away.
“Hopefully our viewers understand sarcasm because sometimes it’s tough, they don’t pick it up,” Faber said.
Cramer responded, “I’m not sure it’s sarcastic.”
He argued that it’s not likely that Ethereum is going to trade lower if people start talking about ETF approval. Given the early success of the spot Bitcoin ETFs, Ethereum ETFs are only a matter of time, he said.
“I’m so right on this it’s repulsive,” Cramer said.
Cramer has gone back and forth on crypto over the years. He bought Bitcoin in early 2021, but cashed out his gains later that year and invested in Ethereum, noting at the time that “people use it more often to buy things.”
He ended up selling his Ethereum position later that year after he found out his bank was unwilling to accept it. By the end of 2022, he was wondering if the entire space was just one big con as the industry battled several headwinds, including the collapse of FTX.
Cramer has maintained a cautious stance on crypto ever since, but Wednesday’s comments could be foreshadowing a reentry into the crypto space for Cramer. He even joked that he might file for his own ETF called “Cramer ETF Ethereum” and “make a fortune.”
Read Next: Coinbase Suffers Massive Outage As Bitcoin Hits $64K: ‘Your Assets Are Safe’
$ETH Price Action: Ethereum was up 0.9% over a 24-hour period at $3,276 at the time of publication, according to Benzinga Pro.
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