Jim Cramer: Tesla was smart to buy bitcoin
Jim Cramer: Tesla was smart to buy bitcoin
Bitcoin

Jim Cramer: Tesla was smart to buy bitcoin

By Eleonora Spagnolo - 10 Feb 2021

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Jim Cramer promotes Tesla’s purchase of bitcoin. The host of Mad Money on CNBC talked about it on his TV show.

In his opinion, at this moment in history, companies need to consider investing in bitcoin. He said it in very explicit words

“I think it’s almost irresponsible not to include it. Every treasurer should be going to boards of directors and saying should we put a small portion of our cash in bitcoin”.

The news of Tesla investing $1.5 billion in bitcoin has shaken the industry. In fact, the price of BTC rose to hit new all-time highs at $48,000. But that’s not all. It seems that other big companies may soon make their own investment in BTC.

Rumours say that Apple might invest in Bitcoin or perhaps even create its own exchange or wallet, a bit like Samsung did with the Samsung Blockchain Wallet.

The other rumour spread by a respected journalist, Max Keiser, concerns Oracle instead

In short, bitcoin seems to be becoming more and more attractive for big companies.

Jim Cramer: Tesla could lead to mass adoption of Bitcoin

All of this could bring Bitcoin a lot of visibility that could ultimately lead to mass adoption of cryptocurrencies. In his opinion, what companies like PayPal and MasterCard are doing will also be able to contribute to the spread of crypto. In particular, PayPal has been running a cryptocurrency buying and selling service in the United States for a few months now. To this, it recently added the feature of using crypto as a payment method for the 25 million merchants that accept PayPal.

But big companies in general should be doing more. He said in this regard:

“Do I think that Tesla did the right thing? Absolutely. I have always felt that companies should do more with their cash than just keep it in short term … I completely applaud Tesla. Once again they are at the forefront”.

It is worth noting that the news about Tesla and Bitcoin is putting excitement in the industry, infecting even large institutional investors. This is also explained in the growth of the Grayscale Bitcoin Trust funds on which Miller Opportunity Trust, a well-known hedge fund, would also be ready to invest. The creation of a Bitcoin Trust by BlockFi also responds precisely to this growing demand. And usually, growing demand coupled with a limited supply like that of Bitcoin leads in one direction: price increase

 

Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

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