- Bitcoin rose Thursday after it was announced Jim Cramer would be investing in BTC.
- BTC/USD bulls cheered as Anthony “Pomp” Pompliano made the announcement.
- The CNBC “Mad Money” host is the latest high-profile investor to jump on the cryptocurrency bandwagon.
Jim Cramer is the newest high-profile “bitcoiner.” Anthony “Pomp” Pompliano has managed to convince the “Mad Money” host to buy the major cryptocurrency after years of skepticism.
Bitcoin Rises After Cramer Announcement
Cramer’s relationship with bitcoin has been quite erratic. Once claiming the price could hit $1 million in 2017, the CNBC talking head has also been critical, calling BTC an “outlaw currency.”
It would seem that Pompliano has managed to turn the tide in Cramer’s mind.
On a gently positive day for BTC/USD, the cryptocurrency rallied around 1%. It did appear that there was market impact after Cramer’s re-tweet went out to his 1.3 million followers.
High Profile Figures Jump on BTC Bandwagon
While the stock market has grabbed the limelight, it has been a great year for bitcoin awareness.
Barstool’s Dave Portnoy consulted the Winklevoss twins and learned about mining gold from asteroids before a brief foray into crypto. Watch the video:
With historic amounts of monetary easing sparking a significant spike in gold prices, investors looking to cover themselves against inflation are also considering bitcoin.
Federal Reserve chairman Jerome Powell has acknowledged that BTC/USD is a competitor to gold. Therefore, it was only a matter of time before more famous faces started talking about the unique nature of bitcoin’s algorithmically limited supply.
Despite concerns about volatility, James Butterfill, CoinShares’ Investment Strategist, demonstrated how the major cryptocurrency continues to look more attractive to institutional investors, stating in his recent report made available to CCN.com:
Small weightings of bitcoin have an outsized positive impact on risk-adjusted returns and diversification relative to other alternative assets. Bitcoin’s lack of correlation to other assets make it a useful alternative asset that can help reduce exposure to economic cycles.
Will Jim Cramer Be The Next Crypto Catalyst?
While we will have to wait for Pomp’s podcast on Monday to see how he convinced Jim Cramer, having a mainstream cheerleader on Mad Money can only be good news for bulls.
Between 10% and 14% of Americans are believed to own bitcoin, and Pompliano will be hoping that the charismatic fund manager can help bump that by a few points.