The co-founder of Morgan Creek Digital Anthony Pompliano, last week announced that he persuaded the outspoken host of CNBC’s Mad Money, Jim Cramer to invest in bitcoin.
But it was just considered to be a teaser. On September 14, Cramer appeared on Pompliano’s podcast and discussed how generations’ mindset regarding storing wealth has been changing regularly.
Investment Guru Reevaluate His Earlier Decision
In the year 2017, Cramer, while comparing Bitcoin to monopoly money, claimed that soon the digital asset would be destroyed completely.
However, recently, when he appeared in Pompliano’s podcast episode, Cramer’s tunes were totally changed. The veteran investment guru stated that earlier he ‘missed crypto’ but recently when the US government released its COVID-19 relief package, he reevaluated his decision.
Cramer explained, “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 packages because we don’t have that. We don’t have three trillion in this country.”
Investors Heading Towards Inflation Hedge Asset
He raised his concern over the stimulus bill, as Cramer believed that it would ‘hurt’. The host at CNBC further stated that if this would be the case, then he can not say how his generation kids would repay it.
In the podcast episode with Pomp, Cramer talked about the degradation of the dollar and mentioned presently, as the value of the dollar is going down, therefore, many of the investors have already taken run to inflation hedge assets.
Cramer, who earlier never had supported crypto trading, recently during the episode stated that along with real estate, the rare piece of art and gold, crypto should be integrated with the inflation hedge menu.
While concluding his statement, the investment guru stated that this generation’s mindset regarding investment and wealth storage is changing, as they have started believing that traditional methods of storage are outdated.