2021-07-27 00:30:00

Jim Cramer Calls Ethereum A ‘Pied Piper Security’ After Elon Musk Revealed His Crypto Holdings – Ethan Allen Interiors Inc. (ETH)

What Happened: CNBC’s “Mad Money” host Jim Cramer recently revealed why he thinks Ethereum (CRYPTO: ETH) is a good buy at current prices.

In an interview with TheStreet, Cramer said that he is still holding his Ethereum position and believes that the second-largest cryptocurrency is “going to run.”

“Musk is out there saying he buys Ethereum, and therefore Ethereum goes higher. It’s a Pied Piper security,” Cramer said. 

Cramer was referring to a recent panel discussion at The B Word conference between Twitter Inc (NASDAQ:TWTR) CEO Jack Dorsey, Ark Invest’s Cathie Wood, and Tesla Inc (NASDAQ:TSLA) CEO Elon Musk.

During the discussion, Musk revealed that he personally holds Bitcoin (CRYPTO: BTC) as well as some Ethereum and some Dogecoin (CRYPTO: DOGE).

What Else: Cramer also told TheStreet that he might “bail on” half his Ethereum position if it rises by another 20%, being fairly confident that it will run up because of Musk having disclosed owning some.

Last month, the Mad Money host went on record to state that he was back in crypto after buying Ethereum.

“I’m going to continue to buy Ethereum,” he said at the time, explaining that its use-case as a currency made it more advantageous as an asset compared to Bitcoin.

Read also: Elon Musk Owns Bitcoin, ‘Some Ethereum And Some Doge:’ Main Takeaways From The B Conference

However, last week, Cramer disclosed that while he was sticking with his position in Ethereum, he wouldn’t be adding any more to it.

Price Action: At press time, Ethereum was trading at $2,248 after gaining 2.97% over the past 24-hours. The market-leading cryptocurrency Bitcoin led the crypto rally by gaining 7.86% overnight and was trading at $37,562 at press time.

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