During recent weeks and months, Bitcoin has seen heavy adoption on Wall Street. It started earlier this year with a billionaire investor, Paul Tudor Jones, declaring that he feels the cryptocurrency in the new macro environment will be the fastest horse in the race. This has been accompanied by other famous names such as Stanley Druckenmiller and Anthony Scaramucci, all of whom have announced that they believe the bitcoin is extremely viable as the U.S. dollar declines.
Jim Cramer recently revealed that he is purchasing or has recently bought more Bitcoin. He thinks that as a diversifier, the cryptocurrency makes sense, adding that the cryptocurrency is not a “big position for me” but is also part of his asset balance. Cramer noted that he still owns gold, perhaps due to how all assets are viewed as hedges.
Due to historical precedent, Cramer added that he purchased at current rates, pointing to how Bitcoin moves largely volatile but higher over longer periods of time.