Jim Cramer, the host of CNBC’s Mad Money, said he is still “playing with the house money” after selling some of his cryptocurrency before the recent price crash.
In an interview with TheStreet, Jim Cramer said he still believed in Bitcoin (BTC) despite a price correction of $ 10,000 in the past three days. However, he added that it was unlikely he would buy more unless the price falls below $ 20,000.
“My goal was to get my money out so I don’t have to think about it,” said Cramer. If it goes below $ 20,000 again, I’ll be a buyer again. But I’ve cut my expenses and I’m playing with the money on the house. This is no different from a completely erratic stock. “
The CNBC host reported he had “sold enough Bitcoin” last week to cover his initial stake in the cryptocurrency. Cramer reportedly bought his first Bitcoin in mid-December, when the price was in the $ 17,000 range, called a “fair level” at the time.
Bitcoin’s price has fallen more than 23% since reaching an all-time in excess of $ 42,000 on Friday. It is currently trading at $ 32,192.