CNBC’s Jim Cramer says he won’t buy Bitcoin above $20K following 20% crash
“This is no different than an entirely erratic stock,” said Cramer.
Jim Cramer, the host of CNBC’s Mad Money, said he is still “playing with the house’s money” after selling off some of his crypto before the recent price crash.
In an interview with TheStreet, Jim Cramer said he still believed in Bitcoin (BTC) despite a $10,000 price correction over the past three days. However, he added he was unlikely to buy more unless the price goes under $20,000.
“My goal was to get my cash out so I don’t have to think about it,” said Cramer. “If it goes back under $20,000, I’m a buyer again. But I got my cost out, and I’m playing with the house’s money. This is no different than an entirely erratic stock.”
The CNBC host reported he had “sold enough Bitcoin” last week to cover his initial stake in the crypto asset. Cramer reportedly purchased his first Bitcoin in mid-December when the price was in the $17,000s, at the time calling it a “decent level.”
The price of Bitcoin has fallen more than 23% since reaching an all-time of more than $42,000 on Friday. It is currently trading at $32,192.
