Famous finance broadcaster Jim Cramer says he is bullish on risk-on assets, including retail, meme stocks, and Ethereum.
Jim Cramer Plans to Accumulate Ethereum
The popular host of CNBC’s Mad Money program told Squawk Box’s Andrew Ross Sorkin Monday that he is bullish for the week.
Cramer repeatedly emphasized that he was ”bullish” on the stock and crypto markets in general.
He predicted positive price action in retail stocks like Target, Best Buy, and Bed Bath and Beyond.
Additionally, he reiterated his previous trading plan to buy if Bitcoin holds $30,000. This time, however, Cramer revealed that he has plans to load up on Ethereum instead of Bitcoin. He said:
“I went back into Ethereum because Bitcoin held $30,000. I like Ethereum because people actually use it much more to be able to buy things.”
Cramer was bearish about Bitcoin until last week because of the recent crackdown in China; he said he sold almost all of his Bitcoin on Jun. 21. He had recommended a 5% portfolio allocation in Bitcoin earlier this year.
Today, Cramer changed his stance to completely positive. He mentioned ETH’s dominance in DeFi and utility in the sale of NFTs, noting that “it’s more of a currency” than BTC.
The second-largest cryptocurrency has gained significant traction this year with the growth of the DeFi and NFT spaces. Ethereum is the leading blockchain platform powering both DeFi and NFTs. In the last year, there have been $7.5 billion worth of NFT sales on Ethereum. A considerable portion of those payments are made with ETH, as well as stablecoins like USDC and USDT. Moreover, there’s currently more than $51.2 billion locked on Ethereum-based DeFi applications according to DeFi Pulse.
Reaffirming his bullish stance on ETH, Cramer added that he would “continue to buy Ethereum.”
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