Coinbase stock is cheap, put 5% of your wallet in crypto

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Jim Cramer, host of CNBCs Mad Money recommended buying Coinbase shares and suggested that 5% of investment portfolios be allocated to cryptocurrency.

Cramer made the comments during the Lightning Round on August 25 in response to a caller who asked him if buying Coinbase shares was a good way to get crypto exposure. The 66-year-old financial figure said that while Coinbases’ listing has gone very badly, he considers it a big player in crypto:

I think Coinbase is inexpensive. I don’t really care about the management because I think they let out a lot of stock when they started. I was against it. They should have been buyers, not sellers. I think the announcement went very, very badly. I think the company is the … natural repository for crypto.

Coinbase Stock (COIN) has performed poorly since its initial public offering on the Nasdaq in mid-April. As of this writing, COIN sits at $ 248, down 27% from its all-time high of $ 340 on April 16.

However, the company had a strong performance in the last quarter, with its second quarter report posting net profits of $ 1.6 billion, up from $ 32 million in the second quarter of 2020.

Cramer added to his comments suggesting that direct exposure to crypto should also be an option for investors:

I own Ethereum directly. I think you should have up to 5% of your wallet in crypto. I am a crypto enthusiast.

The CNBC host is a former hedge fund manager and co-founder of financial news site TheStreet.com. While Cramer has remained relatively consistent on Ethereum (ETH) lately, he has had a repeated love affair with digital gold since he first bought Bitcoin (BTC) in December 2020.

In fact, it is everywhere. Amid a crypto downturn in June, Cramer urged investors to be patient with BTC, but ten days later his patience ran out and he boldly asserted that BTC was not rising for the sake of it. structural reasons, and revealed:

I have sold almost all of my Bitcoin. Don’t need it.

In March, Cramer optimistically said BTC made him a ton of money as his investments in gold and stocks let him down. In April, he said he cashed out 50% of his fake BTC currency to pay off his mortgage.

Cointelegraph reported on May 5 Cramer said he owned a lot of Ether after initially purchasing the asset to bid on an NFT Time Magazine.

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