Cramer says he owns “a lot” of glowing cryptocurrency ether, which tripled Bitcoin’s profits in 2021
CNBC’s Jim Cramer said Tuesday he owns ether, the world’s second largest cryptocurrency by market value.
“I have a lot of ether,” said Cramer on Squawk Box, explaining that he originally acquired it to bid on non-fungible tokens or NFTs that Time Magazine will auction in March. “I didn’t get it, so I just kept the ether.”
While Cramer didn’t specify exactly when he bought ether, the digital currency jumped at around $ 1,400 in March and rose to around $ 1,900 by the end of the month. The Time NFT auction ended on March 24th.
Cramer’s comments came Tuesday as Ether extended its massive rally in 2021, hitting an all-time high of just over $ 3,500. According to CoinMarketCap, ether, which runs on the Ethereum blockchain, has increased more than 370% since the start of the year. The total market value is now over $ 400 billion.
Cramer said he may at some point “buy a house” with his ether, a clue to his recent revelation that he sold some of his Bitcoin holdings to pay off a mortgage. “I now own a house – lock, warehouse and barrel – because I bought that currency,” Bitcoin, the host of Mad Money, told CNBC on April 15.
In a video for his financial news website, The Street, Cramer said on Monday, “My Ethereum has grown tremendously in value and I’m not selling it.” He added, “I sold a lot of bitcoin because I had my eye on a place.”
Bitcoin, which has the largest market cap of any digital coin, traded above $ 55,000 per token on Tuesday, down 15% from last month’s all-time high. However, in 2021 it nearly doubled. Due to the current price level, the total market value of Bitcoin was just over $ 1 trillion, almost half of the total crypto market.
Cryptocurrencies have largely shifted further into the mainstream over the course of 2021. Crypto Exchange Coinbase’s direct listing on Nasdaq last month was heralded as a major milestone for the emerging digital assets industry.