Bitcoin has seen strong adoption on Wall Street over recent weeks and months. It began earlier this year with Paul Tudor Jones, a billionaire investor, announcing that he thinks the cryptocurrency will be the fastest horse in the race in the current macro environment.
This has been followed by other prominent names such as Stanley Druckenmiller and Anthony Scaramucci, both of which have announced that they think the cryptocurrency is extremely viable as the U.S. dollar drops.
Jim Cramer is the latest Wall Street household name to have thrown his weight behind Bitcoin. The CNBC anchor and former hedge fund manager recently told the outlet he founded, The Street, that he is buying more Bitcoin.
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Jim Cramer Buys Bitcoin
Jim Cramer recently announced to Twitter and his own news outlet that he is buying or has recently bought more Bitcoin.
He thinks that the cryptocurrency makes sense as a diversifier, noting that the cryptocurrency isn’t a “big position for me” but is still part of his balance of assets. Cramer added that he owns gold as well, presumably referencing how both assets are both seen as hedges.
Cramer added that he bought at current prices due to historical precedent, referencing how Bitcoin moves largely unpredictable but higher over longer periods of time.
i think i will buy some https://t.co/RjcBFQLCcg
— Jim Cramer (@jimcramer) December 11, 2020
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Other Wall Street Bulls Explain Their Position
As aforementioned, Cramer is the latest Wall Street bull to have doubled down on Bitcoin.
Paul Tudor Jones, the billionaire investor that bought BTC earlier this year, dictated his opinion on the leading crypto asset in a May research note. He said that he thinks Bitcoin’s halvings gives it unprecedented power as a store of value:
“One thing that piqued my interest from this list of assets, and that one day might be brought to prominence by the GMI, is Bitcoin. Truth in advertising, I am not a hard-money nor a crypto nut. I am not a millennial investing in cryptocurrency, which is very popular in that generation, but a baby boomer who wants to capture the opportunity set while protecting my capital in ever-changing environments. One way to do that is to make sure I am invested in the instruments that respond first to the massive increases in global money. And given that Bitcoin has positive returns over the most recent time frames, a deeper dive into it was warranted.”
What makes the recent comments from Wall Street bulls interesting is that there is a growing contingent of investors that think BTC is better than gold.
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Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com CNBC's Jim Cramer Doubles Down on Bitcoin Despite Criticism