‘Phony money paying for real money’ — Cramer sells some bitcoin and pays off a home mortgage – CNBC

‘Phony money paying for real money’ — Cramer sells some bitcoin and pays off a home mortgage – CNBC

CNBC’s Jim Cramer said Thursday he recently paid off a mortgage using profits from his investment in bitcoin.

Cramer said he bought “a lot of bitcoin” when the world’s biggest cryptocurrency was priced at around $12,000. He said he has now sold about half of his position.

“I paid off a mortgage yesterday with it,” Cramer told “Squawk on the Street.”

The price of bitcoin hit a record high above $64,000 per coin Wednesday. On Thursday, bitcoin traded around $63,000. Its price has risen more than 115% year to date.

“From the chart, I may be the only natural seller, but it was so great to pay off a mortgage. It was like, kind of, phony money paying for real money,” Cramer said.

“I now own a house — lock, stock and barrel — because I bought this currency,” he added.

In February, Cramer discussed on CNBC his motivation for owning bitcoin, describing the cryptocurrency as “an alternative to a cash position, where you make absolutely nothing.” 

The world’s largest cryptocurrency by market value has advanced roughly 30% since Cramer’s comments on Feb. 9.

“As a way to have a pastiche of things that you should use your cash with, I’m all for it. I think it’s almost irresponsible not to include” bitcoin in a portfolio, the “Mad Money” host said in February.

On Thursday, Cramer seemed to suggest he followed investment advice he often espouses to viewers: Trimming positions to take profits after seeing considerable gains. “I’ve sold
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