Stockbroker Jim Cramer says he gambles on the leading altcoin Ethereum and Bitcoin purchases. Jim Cramer believes the crypto market is full of “bigger idiots” when comparing his investment in the asset class to gambling. Detail cryptocoin.com‘in.
Altcoin confession
American TV phenomenon Jim Cramer has advised crypto investors to be wary of the risks associated with the digital asset industry. According to him, investments in Bitcoin and altcoins are based on the “bigger fool theory” where speculation is not lacking. Also, Cramer admitted that he wasn’t a cryptocurrency hunter for inflationary reasons, but instead “just gambled”. CNBC’s Jim Cramer shared another controversial stance on cryptocurrencies and the people who work with them. He believes the industry is associated with the “bigger idiot theory”. In essence, this concept refers to the idea that money can be made by buying an asset and then selling it as there is someone who will buy it at a higher price. Following China’s crackdown on digital asset transactions and mining this summer, it has sold almost its entire stash of Bitcoin, leaving it mainly exposed to Ethereum.
However, the American said that he is also not a keen advocate of the second-largest cryptocurrency, and even admitted that he will sell his positions when the price of the asset rises. Considering that Ethereum reached an ATH today, Cramer seems to believe that the USD value could continue its rally in the future. Cramer said: “I have no particular attachment to Ethereum and will eventually break my position when I think the uptrend is over.”
Cramer put his name next to those who see the asset class as a hedge against inflation. Still, he said that his reason for entering the crypto market was not because he gambled: “I didn’t buy Bitcoin or Ethereum as inflation insurance. To be honest, I was gambling. I was just gambling on crowd psychology and I have no idea why these incidents are escalating.”
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