Analyst Jim Cramer Calls Ethereum the ‘Pied Piper of Crypto’ but Won’t Add to His Position
CNBC’s stock analyst and crypto investor Jim Cramer says he’s still bullish on his choice to invest in ethereum after removing bitcoin from his portfolio. Three days ago, Cramer tweeted that he’s “sticking with” his ethereum position “but not adding to it.”
Jim Cramer: ‘Ether Is a Pied Piper Security’
A number of CNBC broadcast hosts are proponents of cryptocurrencies and Jim Cramer, the host of the “Mad Money” show is one of these individuals. At the end of June, Bitcoin.com News reported on how Cramer moved his bitcoin position into ethereum instead and he opined that ether was “more of a currency.” A few days ago, Cramer tweeted about sticking to his ETH position but also emphasized that he wasn’t adding to it. Cramer also discussed his fondness for ethereum (ETH) in a recent interview with the news outlet thestreet.com.
Jim Cramer who was once a bitcoin bull has now turned his attention to ethereum. In fact, in late June Cramer said he wanted BTC to get “wrenched out” when he said: “Have you noticed how low bitcoin is and how it seems to be hanging by a thread? Once again, a sign of speculative excess. I like bitcoin, but I want to see it wrenched out before I get in again.”
The host of the “Mad Money” show explained during the interview that he believes ethereum is “the Pied Piper of cryptocurrency.” Cramer expressed his thoughts after Elon Musk’s discussion with Twitter CEO Jack Dorsey and Ark Invest CEO Cathie Wood. The CNBC broadcast host explained to thestreet.com that the Tesla founder had an influence on the price. “You should go buy Ethereum for trade, ETH is going to run and I may bail on half my position if we get about 20% up (for ETH) and I think we will,” Cramer said. The CNBC show host added:
Musk is out there saying he buys Ethereum, and therefore Ethereum goes higher. It’s a Pied Piper security.
Mad Money Host Highlights Ethereum’s Dominance in the NFT Sector
Cramer vouched for ethereum’s use cases and discussed the fact that people are buying non-fungible token (NFT) collectible assets like the Steve Jobs handwritten job application NFT. The CNBC show host remarked that most NFTs are typically purchased with ether today. A number of individuals responded to Cramer’s tweet that noted he wouldn’t be adding to his position. While many people disagreed with Cramer’s point of view and even implied his exposure to crypto was merely “ethereum shares,” a few people responding to his thread agreed with Cramer.
Some people questioned Cramer in a different manner and wanted him to elaborate on why he wasn’t stacking more ether. “$4,400 was the ATH for ETH set in April of this year,” one person said in response to Cramer’s ETH position tweet. “We’re currently sitting at approximately $2K per unit representing basically a 55% retracement. Curious as to why you wouldn’t take advantage of this opportunity? Do you foresee lower prices? Care to elaborate?” the individual asked.
For someone who believes ethereum is a “Pied Piper security,” Cramer’s tweet seemingly reveals uncertainty. Since his tweet concerning his ethereum position, the “Mad Money” show host has been tweeting about tech stocks and equities tied to the franchise Domino’s Pizza.
What do you think about Jim Cramer saying ethereum is a Pied Piper security? Let us know what you think about this subject in the comments section below.