Mad Money host Jim Cramer applauded Elon Musk and Tesla for their Bitcoin investment. He said Tesla, Paypal and Mastercard are pushing Bitcoin more into the mainstream. He believes more companies should do more with their money than Tesla.
Jim Cramer on Tesla, Paypal and Bitcoin
Jim Cramer shared his views on Bitcoin and Elon Musk’s Tesla Monday, which invested $ 1.5 billion in cryptocurrency on the street. Cramer is the host of Mad Money at CNBC and a former hedge fund manager who co-founded the financial website Thestreet.com.
He discussed Tesla stock, which has been rising steadily over the past few months, and the news that the company has invested in Bitcoin. According to a report published on Monday with the US Securities and Exchange Commission, Tesla invested $ 1.5 billion in Bitcoin in January. In addition, the company plans to accept BTC as a means of payment for its products.
Cramer was asked if Tesla’s announcement pushed Bitcoin more into the mainstream. “I think so,” replied the Mad Money host, adding, “as did the PayPal and Mastercard announcements.” He continued, “I noticed that Mastercard is working with crypto, but they don’t talk about it as much as they should.”
Do I think Tesla did the right thing? Absolutely. I’ve always had the feeling that companies should do more with their money than just keep it for a short time … I wholeheartedly welcome Tesla. You are back on the front lines.
To the people who buy Dogecoin because Elon Musk talked about it, he said, “I find the synergies between what Elon Musk stands for and what Tesla does with its balance sheet and what PayPal says, what people want … lets it somehow appear, not ho-hum, but of course. “
Cramer also spoke about the bitcoin advice he had previously given to his viewers. The Mad Money host bought and recommended that his viewers buy BTC when it fell to around $ 12,000. “They switched some of their gold that I always thought was important to Bitcoin,” said Cramer. He noticed that he was doing exactly what he was told for his own investment.
He bought Bitcoin and considered it to be the equivalent of cash. “Obviously that money has gone up high. That was not my intention. My intention was that it would be a store of value … and I took something off. Why? Because I’m a trader at heart in the sense that I wanted to take out my capital, ”he said. “As soon as the capital comes out, I’ll just let it go so that I feel pretty good today.”
Do you agree with Jim Cramer on Tesla and Bitcoin? Let us know in the comments below.
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