CNBC Host Calls Bitcoin as Phony Money

It is amazing how the dialogue and commentary about Bitcoin keep changing. Bitcoin has become so popular these days that many brands and institutions are associating with it just to bask a few moments in the limelight. The high-pitched host of popular CNBC TV segment MAD Money, Jim Cramer, has once again caught the eye of the crypto community with his bilateral comments about the flagship cryptocurrency.

He appeared as a guest at the CNBC interview segment “Squawk on the Street.” Referring to his investment portfolio, he exclaimed that he already sold out half of his Bitcoin stash. This remark would surprise many since several CNBC hosts have been predicting a massive price rally for the firstborn crypto. 

Is Cramer Betting against Bitcoin?

Cramer has been one of the earliest advocates of Bitcoin, and he started his Bitcoin journey when the top digital currency was trading at $12,000. He recently told media that he had sold half of his Bitcoin holdings to pay for his mortgage. He has been saying in the past that Bitcoin has the potential to rise much higher on his show and social media platforms. 

Cramer has been cashing out his Bitcoin holdings from time to time to take advantage of the massive gains that he has been getting from his investment. According to his interview, it seems that he saw an opportunity and made his move. He also made a snarling remark that paying off his massive mortgages with Bitcoin feels like paying for real bills with phony money. 

More Opportunists Converting their Bitcoin Holdings into Cash

A few days ago, the flagship cryptocurrency registered a new ATH of $64K and went down to $61K on the same day. It seems that Ripple CTO, who has managed to escape the heat of the XRP lawsuit, has also been busy selling out his Bitcoin stash. In a recent Twitter thread, he told his followers that he has been making a steady profit from the flagship cryptocurrency. 

A Twitter follower mentioned that they invest in Bitcoin to sell after hitting breakeven. To this response, David Joelkatz Schwartz replied that he is also following the same pattern. He has continued to grow his crypto returns after cashing out at $250, $750, $2500, $7500, $20,000, and $50,000 peaks. Although Schwartz said that he had only 2 % of his total Bitcoin stash left, it seems that he has struck an endless pit of wishing well that keeps delivering profits for a long duration. 

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