Last week, Morgan Creek Digital co-founder and podcaster Anthony ‘Pomp’ Pompliano claimed that he had convinced the host of CNBC’s Mad Money, Jim Cramer, to buy Bitcoin. The claim was a teaser to a full podcast episode with Cramer that was released on Sept 14.
Back in 2017, Cramer famously likened Bitcoin to monopoly money and predicted it would get “annihilated.” In his conversation with Pomp, it appeared that the veteran investment guru had changed his tune, stating that he “missed crypto” but that the COVID-19 relief package recently passed by the U.S. government had made him reconsider his position;
“People would say ‘well, how about Bitcoin,’ and I said ‘I don’t trade coffee, and I don’t trade cotton, and I don’t trade Bitcoin,’ and that sufficed for a very long time. It worked until the $3 trillion package because we don’t have that. We don’t have three trillion in this country.”
He went on to discuss his concerns on how the stimulus bill would “hurt” and that he wasn’t sure how his kids’ generation was going to be able to pay it down. With the dollar’s debasement looking increasingly likely, the conversation touched on the response many investors have already taken, run to inflation hedge assets.
Cramer concluded that crypto is now a logical option to add to the inflation hedge menu, along with things like real estate, rare pieces of art, and gold.
Cramer also gave a nod to changing mindsets across generations as they relate to investment and wealth storage, as well as acknowledging that some of his methods might be outdated.
“I think that my kids, when they get my inheritance, won’t feel comfortable with gold, and will feel comfortable with crypto.” He continued, “I have to start recognizing that maybe I am using a typewriter.”
Over the course of the show, Cramer appeared open to allocating 1% of his wealth to cryptocurrencies, even going so far as to say that he has become “fixated” on it.
The full interview can be found here.