Jim Cramer, once critical of cryptocurrencies, bought Bitcoin at $17,000

According to the well-known CNBC host, Bitcoin „is still far from its peak“ and his investment „will only get bigger“

Three months after changing his mind about cryptocurrencies, the outspoken host of CNBC’s Mad Money show has bragged about making a great investment in Bitcoin (BTC).

In an interview with TheStreet, Jim Cramer said he bought BTC on Friday morning when the price slipped below $18,000. Cramer also revealed that he will treat the crypto asset like any other investment, for a diversified portfolio:

„I buy, as I usually do, when the price falls. My investment will get bigger and bigger. I think it’s necessary to diversify into all sorts of asset classes. I already own gold, I plan to diversify into bitcoin. It’s not a particularly large position for me, but it’s certainly important to diversify Bitcoin Circuit is an asset and I want to have a balanced portfolio.“

„I think I’ll buy some.“

Cramer believes Bitcoin’s price may „fall again,“ given its extremely volatile nature. However, $17,000, the price at which he bought additional BTC, represents a „decent level“ in his view:

„Bitcoin is still far from its peak. I like to buy things that are still quite far from their peak.“

At one time, before the boom of 2017, the CNBC host was an outspoken critic of Bitcoin: in his opinion, the cryptocurrency would soon run out of bullish momentum. However, after participating in Anthony „Pomp“ Pompliano’s podcast in September, Cramer expressed interest in investing 1% of his portfolio in Bitcoin.

Currently, the price of BTC is around $19,190: it seems that Cramer’s investment is already starting to pay off!

Bitfinex/Tether case documents will be ready within a few weeks

The New York Attorney General has reported that iFinex is cooperating in the production of documents related to the business relationship between Bitfinex and Tether

The New York Attorney General’s Office, or OAG, has requested an extension of the deadline by which iFinex Inc, the parent company of crypto exchange Bitfinex and stablecoin issuer Tether, must produce the documents required for the ongoing legal battle.

On December 9, 2020, the OAG wrote to Judge Joel Cohen to request a postponement of the deadline to January 15, 2020, presumably a typo and actually a request for the same date in 2021.

The request follows a virtual hearing held on Sept. 17, in which the judge ordered a 90-day extension to produce documents related to Bitfinex’s business dealings with Tether in April 2019, a period in which the OAG accuses iFinex of commingling funds between the two companies to hide an $850 million loss incurred by Bitfinex due to its relationship with shadow bank Crypto Capital.

The OAG says that following the Sept. 17 hearing, iFinex cooperated in producing the requested documents, predicting that the process will be „finalized in the coming weeks.“

Despite the controversy, Tether’s USDT stablecoin has witnessed another record-breaking year for adoption. The token currently operates on the Omni, Ethereum, Eos, Algorand, Liquid, and Solana networks.

According to CoinMarketCap, Tether’s capitalization has increased by 382% from $4.1 billion at the beginning of January to over $19.76 billion today. As this remarkable growth suggests, Tether’s admission in May 2019 that USDT was only 74% secured by cash and cash equivalents has hardly dampened demand for the stablecoin.

Tether’s relative dominance on volume over BTC has reached 65.5%, far higher than the 16.2% at the beginning of the year. Currently, USDT accounts for 38% of the aggregate volume in the crypto market.