August 27, 2021 12:33 UTC
August 27, 2021 12:33 UTC
CNBC’s Mad Money host Jim Cramer believes that Coinbase is a “crypto natural repository” and recommends buying the stock.
Jim Cramer, the host of CNBC “Mad Money”, suggested buying Coinbase stock and suggested that 5% of the portfolio should be allocated to cryptocurrencies.
Cramer created a comment in the Lightning Round on August 25 in response to a caller asking whether buying Coinbase stock is a decent way to gain exposure to cryptocurrency. The 66-year-old financier made it clear that although Coinbase’s listing is “very bad”, he sees it as a giant in the crypto space:
“I think Coinbase is very cheap. I don’t care much about the management, so I think they will release a lot of inventory once they start. I was opposed to it before. They should be sponsors, not sellers. I think the listing is very bad, very bad I think the company is… a natural repository of cryptocurrency.”
Coinbase Stock (COIN) shares have been mediocre since they were listed on the Information System Exchange. At the time of writing, the price of COIN is US$248, a 27% drop from the unparalleled high of US$340 on April 16.
However, the company’s semi-monthly performance was strong, with online profits reported in its second quarter report of US$1.6 billion, compared with US$32 million in the second quarter of 2020.
Cramer added that direct exposure to cryptocurrencies should even be the choice of investors:
“I directly own Ethereum. I think up to 5% of your portfolio should be encrypted. I am a believer in cryptocurrency.”
The CNBC host may be a former hedge fund manager and co-founder of TheStreet.com, an economic news website. Although Kramer has remained relatively consistent on Ethereum (ETH) recently, since his first purchase of Bitcoin (BTC) in December 2020, his love affair with digital gold has been intermittent.
In fact, he is everywhere. In the process of cryptocurrency deterioration in June, Kramer urged investors to remain “patient” with BTC-but his patience ran out after 10 days, he boldly claimed that BTC “has not increased due to structural reasons” and revealed :
“Sold most of my bitcoins. Not willing.”
In March of this year, Kramer optimistically stated clearly that BTC had created “a lot of money” for him, but his investment in gold and stocks disappointed him. In the Gregorian calendar month, he made it clear that he had paid one-fifth of his “fake money” BTC to repay the mortgage.
Cointelegraph may report on five Cramers, once he buys Plus from scratch to bid for Time Magazine’s NFT, he has “large amounts of Ether” in his hands.