Jim Cramer Recommends Adding Bitcoin and Ethereum to Your Portfolio as Protection Against Increasing US Debt: “I’ve Been a Fan of Crypto for a While”
Financial analyst Jim Cramer promoted the ownership of cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD as a hedge against government overspending and a growing deficit.
According to CNBC, Cramer reiterated his support for cryptocurrencies, citing ongoing concerns about national debt.
“I believe Bitcoin, Ethereum, and possibly other cryptocurrencies should be included in your investment portfolio,” said Cramer, host of CNBC’s Mad Money show. “If one day the deficit is managed, I may reconsider my stance.”
While there is no concrete evidence that cryptocurrencies can mitigate financial risks, Cramer viewed it as a plausible strategy.
“I’ve been a fan of crypto for a long time because I recognize there is a group of investors who seek assets that can protect them from our government’s financial challenges,” Cramer added.
He expressed skepticism about the government’s ability to address the debt problem in the near future.
America’s federal debt exceeding $35 trillion in 2024 raises doubts about its financial stability, with a $1.83 trillion deficit recently reported, due to $6.75 trillion in government spending.
BlackRock, the world’s largest asset manager, has advocated for Bitcoin as a potential safeguard against future events that may impact the U.S. dollar.
Despite a recent pullback in Bitcoin’s price from nearly $100,000 to $92,000, Cramer remains bullish on cryptocurrency. He has disclosed ownership of Bitcoin and endorsed it as a “clear winner.”
At the moment, Bitcoin is trading at $92,420.98, down 1.98% in the last 24 hours, according to data from Benzinga Pro.
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