Jim Cramer says he’s investing in ethereum because it is more like a currency, a week after revealing he sold nearly all his bitcoin | Currency News | Financial and Business News
“I went back into ethereum because bitcoin held [$30,000],” Cramer said on “Squawk Box” on Monday.
The “Mad Money” host was referring to bitcoin trading above a key technical support level of $30,000. Bitcoin briefly dipped below that price earlier in June.
The host had said previously that he sold nearly all of his bitcoin holdings amid various concerns surrounding the cryptocurrency including China’s crackdown on bitcoin mining. Bitcoin has since been trading rangebound at just around half its April peak price of nearly $65,000.
“I like ethereum because people actually use it much more to be able to buy things, and I’m going to continue to buy ethereum,” Cramer said. “It’s more of a currency.”
Experts have long heralded ethereum for its technology and ease of use as a method of payment. Bitcoin, in contrast, has struggled to define its utility either as a potential currency or a stable store of value.
“I think it’s just got a little more game,” he said, referring to ethereum. “Because when you go buy an NFT or anything like that, everybody wants it in ethereum.”