CNBC’s Jim Cramer Defends Cryptocurrency Stance, Endorses Owning Some as a Hedge Against Government Spending
CNBC’s Jim Cramer on Tuesday defended his stance on cryptocurrency, saying he endorses owning some as a hedge against government spending and a ballooning deficit. Cramer believes that national debt worries are never going to go away and that cryptocurrency’s fixed supply makes it a plausible asset in the event that continued excessive federal spending devalues the dollar.
Cramer acknowledged that cryptocurrency is still a relatively new market and doesn’t yet have a proven track record. However, he believes that the hedging argument makes sense, especially for investors who want to protect themselves from the government’s busted budget.
Cramer expressed skepticism that the government will be able to solve the debt issue any time soon, citing a lack of political will to make difficult decisions to raise taxes or cut spending. He noted that many politicians are inclined to leave the issue for their successors.
Despite his skepticism, Cramer said that he thinks bitcoin, ethereum, and maybe even some other cryptocurrencies deserve a spot in one’s portfolio. He even hinted that he may change his tune if the deficit gets under control.
