Crazy Money Jim Cramer Buys Bitcoin, Shows Plan to Maximize Holdings

Cramer reported on Thestreet a few hours later that he had acquired bitcoin. He then clarified why he had purchased the blockchain at the time since the price of bitcoin had just dropped down to $17K. "It was just a decent level," said the host of Crazy Capital, adding:

I'm going to shop like I normally do. When everything comes off, I'm going to get bigger and bigger and bigger. I just assume you're going to diversify into all types of asset groups.

"I have gold," he went on. "I would like to divert into a bitcoin, not a big role for me, but it's definitely necessary to expand, and bitcoin is an asset, and I want to have a balance of assets."

When reacting to a query as to how an individual can start investing in bitcoin, Cramer said:

All you have to do is remember the past of it where it ran up and ran down. It got too much capital, it got too hot, so there's no excuse not to wait for it to come down again.

As he purchased bitcoin on Friday morning, he said that the price of the cryptocurrency was "beautifully off the top, and I like to buy something that's nicely off the top."

In September, Cramer said he was contemplating purchasing bitcoin because he expected a "massive amount of inflation." He also was concerned about leaving an inheritance to his children, stressing that they would not feel comfortable with gold, but would feel comfortable with crypto.