Jim Cramer says he loads up Bitcoin because America's broke
Key Takeaways
- Jim Cramer revealed that he bought a lot of Bitcoin as a hedge against America's $37.8 trillion national debt.
- Cramer emphasizes security measures for Bitcoin storage and notes divided opinions on consumer demand.
Jim Cramer, the popular financial TV personality, CNBC host, and former hedge fund manager, said today he is buying Bitcoin as a hedge against America’s growing national debt of $37.8 trillion, expressing concern about its impact on future generations.
“I buy it a lot because I’m very worried,” Cramer said during a CNBC segment. “I think people want to own some as a hedge against the 37.8 trillion dollars. They want to own it for their kids.”
When asked if Bitcoin would hold up during a financial crisis, Cramer responded affirmatively, describing it as “just a nice hedge for what I’m afraid.”
“I know we can grow our way out of this,” Cramer added regarding the national debt situation. “My hope is we do that, but I’m just very worried about my kids.”
Cramer is known for making bold and frequent animated stock predictions.
Many traders and online communities have observed that when Cramer is particularly bullish or bearish on a stock or sector, the market often moves in the opposite direction shortly thereafter. It’s this recurring trend that has led to the phenomenon of “Inverse Cramer.”
Bitcoin was trading at $118,227 at press time, down 1% in the last 24 hours, per CoinGecko data .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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