CNBC'S Mad Money host Jim Cramer said that he made a “ton of money” in Bitcoin (CRYPTO: BTC) thanks to popular Bitcoin proponent Anthony Pompliano.
What Happened: In a recent podcast with Pompliano, Cramer said that he bought into the advice he received from Pompliano earlier and put half a million dollars in Bitcoin over the course of a few days.
“I mentioned the money because it's never happened to me before. I've bought a lot of stocks in my life...it happened just as you said,” said Cramer, adding that it also happened “much faster” than he expected.
The CNBC host did not get into exactly how profitable his investment turned out, but if he did indeed invest $500,000 in Bitcoin after his first podcast appearance with Pompliano, it would now be worth around $2.4 million.
Cramer explained that Pompliano’s advice about Bitcoin really resonated with him because what he said was what he was searching for with gold all along.
“But gold let me down,” said Cramer, who has now changed his stance on the asset for the first time since 1983. “Now I say five percent of gold, five percent of Bitcoin.”
Why It Matters: Bitcoin’s price has been steadily increasing since December 2020, as more retail investors and institutions have bought into the narrative that the digital asset can serve as an “alternative store of value.”
The market-leading cryptocurrency touched an all-time high of $61,500 earlier this month but has since consolidated around $56,000.
Despite a recent dip in price, on-chain data seems to indicate that institutions are still buying, and market sentiment remained positive overall.
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