American TV personality and CNBC Mad Money host, Jim Cramer, has recently revealed that he sold a portion of his ETH holdings shortly after the cryptocurrency smashed a new all-time high (ATH) on Tuesday.
According to a CNBC report, Cramer said that he had initiated the transaction so that he could set aside some money to buy an upcoming electric car made by General Motors.
“I sold half my Ethereum yesterday … and I put some money down to own a Hummer… Why not buy a car with my ether.”
Cramer noted that he had purchased a substantial amount of ETH earlier in March, which he intended to use for the NFT auction arranged by Time Magazine.
Around the time he bought the cryptocurrency, ETH was trading around $1,900. However, on Tuesday, the second-largest cryptocurrency hit a new all-time high.
Cramer, who had always emphasized to his viewers the importance of taking profits when they rack up in their portfolio, took his advice by selling half of his Ether holdings.
According to him, investors who see profits in their stocks have not made any real money until “the money leaves the stock market and gets into your bank account.”
Cramer recently became a crypto proponent. He admits to owning bitcoin and “a lot” of ETH, strongly expressing his belief that cryptocurrencies are better investment alternatives than cash positions.
Will Bitcoin Be Dethroned?
Bitcoin is very popular both within and outside the crypto industry. It is commonly known as the king of cryptocurrencies, considering that its over $1 trillion market cap represents almost half of the entire cryptocurrency market.
However, several other popular coins within the crypto space are gaining popularity, and their market caps are rapidly growing too. ETH’s recent bull run has placed its co-founder, 27-year-old Vitalik Buterin, on the list of crypto billionaires.
Just recently, the meme-inspired coin, DOGE, surpassed XRP and became the fourth-largest cryptocurrency.
Therefore, with all these ongoing events, the big question is “Will bitcoin be overthrown?”
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