In a tweet, Cramer opined that when Bitcoin was at $12k, was when he bought it and in order to offset his mortgage, he sold half of it. It was like real money being paid by Phony money.
Also, in order to become an apostate, Jim Cramer a co-anchor of Squawk on the Street, broadcast sold half of its bitcoin to pay for his home.
Having decided to take profits, Cramer, the host of Mad Money, posited that at $12,000 he bought lot of Bitcoin , which then he though was a currency.
Cramer further said that he knows that the anger of people will be high with him but he has to offset the loan.
“It was like, kind of, phoney money paying for real money,” Cramer laughed. “I now own a house — lock, stock, and barrel — because I bought this currency. I think I won!”
Twitter user “SZ BeatzCoin” likened Cramer selling to the infamous pizza purchase for 10,000 BTC.
Once a Bitcoin critic, Cramer told his CTO to put $500,000 into Bitcoin after speaking to Morgan Creek Digital co-founder Anthony Pompliano in September last year. He even considered putting 1% of his $150 million net worth into the digital asset.
At the time, BTC was hovering between $10,000 and $12,000 but is now sitting at $63,000, up 425% in only six months.