Cramer sells some ether after record highs to use for the new Hummer EV
CNBC’s Jim Cramer said Wednesday he had reduced some of its ether holdings after the world’s second largest cryptocurrency by market value hit a series of record highs.
“I sold half of my Ethereum yesterday … and I put some money into owning a Hummer,” Cramer said in “Squawk on the Street,” referring to General Motors’ upcoming all-electric vehicle, the Pick -up is delivered. available in the fall and an SUV in early 2023. Both start at more than $ 100,000.
“Why not buy a car” with my airwaves quipped the Mad Money host. When asked about the level of his crypto exposure, CNBC’s David Faber said Cramer said he “owned enough to get the job done”.
Cramer said Tuesday on CNBC that he owned “a lot” of ether, the digital currency that runs on the Ethereum blockchain. He said he originally bought ether in March to participate in an auction for non-fungible tokens (NFTs) that Time Magazine is putting up for sale.
Ether traded at around $ 1,900 per token through the end of March and rose into May through April. On Tuesday, the cryptocurrency broke over $ 3,500 apiece. Ether, which ended at around $ 740 in 2020, was trading below $ 3,400 on Wednesday morning, bringing the year-to-date gain above 350%.
Cramer’s decision to outsource some of his ether inventory comes after he said he was “not selling it” in a video on Monday for his financial news website, The Street.
The “Mad Money” host often stresses viewers that they must be disciplined when it comes to taking profits when they make big paper profits in stocks. Investors didn’t make any money until “the money left the stock exchange and got into your bank account,” he said on CNBC last year.
Seemingly this week, Cramer took his own ether and bitcoin advice last month and sold some of his holdings in the world’s largest cryptocurrency to pay off a mortgage.
Cramer has also become more optimistic about crypto lately. He believes investors should hold Bitcoin as an alternative to a cash position.
He has also spoken positively about Coinbase, one of the world’s largest cryptocurrency exchanges, which went public on a direct list last month. Coinbase hit an all-time high of $ 429 per share on its first day of trading. It has since fallen, trading 11% above its reference price of $ 250.