Jim Cramer
Scott Mlyn | CNBC
CNBC’s Jim Cramer said Thursday that he recently paid off a mortgage with the benefits of his investment in bitcoin.
Cramer said he bought “a lot of bitcoins” when the world’s largest cryptocurrency was priced at about $ 12,000. He said he has now sold about half of his position.
“I paid a mortgage with her yesterday,” Cramer told “Squawk on the Street.”
The price of bitcoin hit a record above $ 64,000 per coin on Wednesday. On Thursday, Bitcoin traded around $ 63,000. Its price has increased by more than 115% to date.
“According to the chart, he might be the only natural seller, but it was so great to pay a mortgage. It was like some kind of fake money that paid real money,” Cramer said.
“I now have a house (locks, stocks and barrels) because I bought this coin,” he added.
In February, Cramer discussed on CNBC his motivation for owning Bitcoin, describing the cryptocurrency as “an alternative to a cash position, where you do absolutely nothing.”
The world’s largest cryptocurrency by market value has advanced approximately 30% since Cramer’s comments on February 9th.
“As a way to have a pastiche with which you should use your cash, I’m all in favor. I think it’s almost irresponsible not to include ‘bitcoin’ in a portfolio,” Mad Money “host said in February.
On Thursday, Cramer seemed to suggest following the investment advice he often advocates for viewers: cut positions to make profits after seeing considerable gains. “I’ve sold half to the end,” Cramer said Thursday about his holdings in bitcoins.
Cramer is known to have claimed that investors did not make money in shares until a portion was sold; until then, the gains are only on paper.