Mad Money's Jim Cramer says Gold gives up, puts 5% in Bitcoin

Jim Cramer, host of Mad Money, a longtime supporter of gold, says gold disappointed him. He became more optimistic about Bitcoin and advised investors to put 5% of their wallets in cryptocurrency to protect their assets. Jim Cramer cut gold assets, increase Bitcoin allocation In an interview published Monday with Morgan Creek Digital partner Anthony Pompliano, Jim Cramer talked about his new investment strategy for Bitcoin and gold. Cramer is a CNBC host for Mad Money, a former hedge fund manager and co-founder of financial news and literacy website Thestreet.com. Cramer pointed out that bitcoin was what he was looking for with gold, Cramer said: I said you should buy gold for years … but gold disappointed me. Gold is subject to a lot of change. It is prone to mining problems. Obviously it is prone to failure in many cases. The Mad Money server showed interest in Bitcoin after Pompliano announced the benefits of cryptocurrency to him last September. At that time, Cramer announced that he had "a lot of gold". He became obsessed with BTC out of fear of massive inflation and then invested in cryptocurrency. He explained that his investment strategy is "to see bitcoin as a valuable asset". Cramer was then asked whether he expected other investors to drop gold and buy Bitcoins as described. Mad Money presenter cried: If they listen to me, they will lose half their gold. I have been saying 10% in gold since 1983. And now I say 5% for gold and 5% for Bitcoin. Until recently, he explained that he did not intend to invest 5% of his wallet in Bitcoin and said he was "scouring" the issue to find this suggestion. He admitted that he was skeptical about being successful with his gold, but now realized that the only way to protect his assets in terms of insurance is bitcoin. Would you take Jim Cramer's advice on bitcoin? Let us know at the beginning Read more

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