The former hedge fund manager of Cramer & Co. and host of Mad Money on CNBC, Jim Cramer, has increased his holdings in Ethereum, the second-largest cryptocurrency by market capitalization.
«Bullish. Have to be. There’s too much money coming in,» says @JimCramer. «I went back into #ethereum because #bitcoin held $30K. I like ethereum because people actually use it much more to be able to buy things.» pic.twitter.com/IIAeUL4BNL
— Squawk Box (@SquawkCNBC) June 28, 2021
He said that the positive momentum in Bitcoin prompted his decision to buy.
«I went back into Ethereum because Bitcoin held above $30,000,» he said.
Cramer argued in favor of Ethereum:
«I like Ethereum because people actually use it much more when they buy NFTs or something similar. I will continue buying Ethereum».
The CNBC host trimmed his Ethereum positions in May after the coin hit an all-time high of $4350.
Last week, Jim Cramer sold a large portion of his bitcoins after news of China’s mining crackdown.
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