Bitcoin’s price fell 2% on the same day CNBC markets commentator Jim Cramer suggested that cryptocurrencies should have a place in every investor’s portfolio.
Cramer has become a meme for his investment advice, which many say usually turns out to be the wrong call. There was even a short-lived exchange-traded fund (ETF) that bet against his buy tips.
In a Nov. 26 edition of CNBC’s Mad Money, Cramer endorsed owning crypto as a hedge against a ballooning deficit as US debt climbs over $36 trillion.
“I think Bitcoin, Ethereum and maybe even some other cryptocurrencies deserve a spot in your portfolio,” he said. “Maybe one day, if the deficit gets under control, I’ll change my tune.”
In the last 24 hours, Bitcoin (BTC) has dropped 2%, down to around $92,700, still cooling after a rally that sent it to a peak of $99,571 on Nov. 23.
Some users quickly suggested he should only make negative points about crypto, in line with the internet’s “inverse Cramer” effect concept.
“I’ve liked crypto for a very long time,” Cramer said on his show. “Mostly because I know there’s a huge constituency of investors who want to buy something that can protect them from our government’s busted budget.”
The Mad Money host also admitted to still owning crypto because the “national debt worries are never going to go away.”
“I’m going to call the top by recommending it yet again,” Cramer said. “Weird how I’ve been recommending gold and crypto for so many years, yet they’re both near all-time highs, and I take heat anyway.”
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In a Nov. 21 edition of Mad Money, Cramer also told a caller that they should “own Bitcoin that’s a winner,” at the time, Bitcoin was up around the $98,000 mark.
Cramer has had a love-hate relationship with crypto. In the past he has claimed cryptocurrencies have “no real value” and advised holders to sell. Cramer has since admitted he was wrong and talked about making money from owning crypto.
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