Jim Cramer: Investors Have to be More Careful Dealing With Bitcoin
December 19, 2017
The world around cryptocurrency is very attractive where it is quite possible to earn a pretty penny, but investors should be careful, says expert and former chief of the hedge fund Jim Cramer. Until recently, he has been comparing cryptocurrency with the money from the game "Monopoly" and now is speaking in its support.
"I do not deny the crypto world. On the contrary, I support it and believe that it is great. However, I believe that we need to be a little more careful," Cramer said.
Two weeks ago, Jim Cramer called cryptocurrency a gamble and advised investors better to go to Vegas rather than investing in Bitcoin. However, during this time, Bitcoin futures trading have been starting at two large financial stock exchanges: CBOE and CME Group. That is exactly what has made Cramer change his mind.
"When you see such a passion for cryptocurrency, you understand that there are true believers in Bitcoin, and it is impossible to talk a true believer out it. I always say ‘Listen, as long as you know the risk you are on, you are my guest”, he said.
Cramer noted that some companies are trying to make money on universal cryptocurrency madness.
"I never, ever mind anyone trying to make money. I have just said you need to be aware of your risk, and then everything will be all right", he said.
In addition Cramer notes that many people do not sell their Bitcoins for personal reasons.
"Many consider selling Bitcoin is like you are defacing the flag. They have "patriotic" urge, according to which they can not sell Bitcoin", Cramer said.