Mad Money host Jim Cramer, a long-term gold proponent, says that gold has let him down. He has become more bullish on bitcoin, advising investors to put 5% of their portfolios in the cryptocurrency to protect their assets.
Jim Cramer Reduces Gold Holdings, Increases Bitcoin Allocation
In an interview published Monday with Morgan Creek Digital partner Anthony Pompliano, Jim Cramer talked about his new investment strategy for bitcoin and gold. Cramer is the host of Mad Money on CNBC, a former hedge fund manager, and a co-founder of Thestreet.com, a financial news and literacy website.
Emphasizing that bitcoin is what he had been searching for with gold, Cramer opined:
I have, for years, said that you should have gold … but gold let me down. Gold is subject to too many vicissitudes. It’s subject to mining issues. It’s frankly subject to failing in many cases.
The Mad Money host became interested in bitcoin after Pompliano explained the benefits of the cryptocurrency to him in September last year. At the time, Cramer revealed that he owned “so much gold.” He became fixated with BTC in fear of massive inflation and he subsequently invested in the crypto. He explained that his investment strategy was to regard “bitcoin as a precious stock.”

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