Jim Cramer Praises Bitcoin's Robust Price Action, Advises Viewers to Own It as Part of Their Portfolio

Major TV personality and former Bitcoin critic Jim Cramer has praised Bitcoin's robust price action and advised viewers to own it as part of their portfolio.

Major TV personality and former Bitcoin critic Jim Cramer has advised viewers to own BTC as part of their portfolio.

The host of NBC’s famous prime-time show, Mad Money, was once completely opposed to the digital currency revolution and compared it to a scam, incurring the wrath of the crypto community on social media.

However, Cramer has changed his position on the matter over the years and now supports the premier digital currency as a viable asset. But he is against using intermediaries to invest in the cryptocurrency.

Cramer’s Latest Hot Take

In the latest episode of Mad Money, Cramer covered the topic in detail. He stated:

“If you wanna own Bitcoin, own Bitcoin. I own Bitcoin. You should own Bitcoin. Bitcoin is a great thing to add to your portfolio.”

This is quite a major shift from his previous position over the years in which he once urged viewers to sell everything in crypto because it was a house of cards, compared it to a scam multiple times, and tried to call Bitcoin’s price ceiling (and failing) as early as last year.

However, this time around, Cramer seems to have turned things around as he now fully backs crypto investments in personal and corporate portfolios. But he is not sold on the idea that investors should prefer derivatives and other proxies rather than investing in BTC directly.

This sentiment is popular with the older investment community as Bitcoin Exchange Traded Funds (ETҒs), Contract for Differences (CFDs), futures, and options contracts continue to grow strongly. Many legacy investors fear owning digital currencies directly as it would be a potential security challenge for them.

Why Some Investors Prefer Indirect Investment in Bitcoin?

With Bitcoin proxies like ETFs, you have some level of institutional guarantee, which matters for them more. The same is the case of Microstrategy, a big tech company whose CEO, Michael Saylor, is heavily invested in BTC. So much so that the firm is now among the largest holders of the digital currency in the world, some investors buy Microstrategy stock instead of dipping their toes directly in the crypto market.

However, Cramer is not sold on the idea. During his TV program, he stated that if you want to own Bitcoin, do it directly. Interestingly, this is one of the rare moments where his views overlap with the core Bitcoin community, which has advocated direct personal ownership and P2P activity over the years.