This week, Jim Cramer, host of Fast Money, made a guest appearance on the Anthony Pompliano Podcast, where he shared anecdotes on how he came to be the financial spokesperson he is today and got his crash course on Bitcoin in return.
Highlighted in this conversation was the inflation-hedging nature of Bitcoin, together with the printing of trillions of dollars which has occurred since the start of the Pandemic, the wide-spread economic uncertainty, and leading to the conclusion that Bitcoin is a necessary investment class to navigate our current times.
Cramer said, “It’s perfectly logical to add Bitcoin to the menu,” speaking on inflation-hedging assets he owns including Gold Bullion and Real Estate.
In the episode, Jim understood that his lack of knowledge of Bitcoin could be comparable to him using a typewriter in a digital computer-age. He also admitted that in leaving his inheritance to his children, he genuinely believes that they won’t feel comfortable with Gold, but will with crypto. By the end of the conversation, he committed to investing 1% of his portfolio into Bitcoin.
Jim wasn’t the only one to dive into the deep end of crypto this week as MicroStrategy”s CEO, Michael Saylor, announced a commitment to invest the company’s cash surplus to purchase $175 million more Bitcoin.
“I want something that I could put $425 million into for 100 years,” Saylor told CoinDesk.
His stance for company shareholders is that cash is no longer a safe place to reserve its excess of $500 million, proven by the publicly traded firm's purchase of $250 million of Bitcoin on August 11th and $175 million just recently, amassing a total of more than 38,250 Bitcoin. Its stock was up 8% on the news, demonstrating investor confidence in its investment choice.
While the DeFi craze slowed down this week seeing a major sell-off, Bitcoin has continued to climb back up from its recent correction.
One thing remains for certain, developers around the world are working to scale Bitcoin’s efficiency, while major investors and companies alike continue to rush in to purchase the increasingly scarce Bitcoin in circulation.
Major Market Movers
- NEO (NEO) +33.5%
- VeChain (VET) +17.3%
- Polkadot (DOT) +15.5%
- Bitcoin (BTC) +6.7%
Voyager Lists Hedera Hashgraph & UMA
This week, Voyager added not one, but two new coins to the app! Now available for both buying and trading are Hedera Hashgraph (HBAR) and UMA (UMA). As an added bonus, UMA is also available for deposits and withdrawals.
Hedera Hashgraph (HBAR) describes itself as a decentralized public network where developers can build secure, fair applications with near real-time consensus. Owned and governed by a council of global members, the platform is designed for fast, fair, and secure applications you can trust.
UMA (UMA) is designed to power the financial innovations made possible by permissionless, public blockchains. UMA is an open-source protocol that allows developers to design and create their own financial contracts that are self-enforcing and globally accessible.
Coindesk > "Polkadot Projects Will Be Able to Mint Their Own Tokens in 2021"
Coindesk > "Bahamas to Roll Out 'Sand Dollar' Digital Currency Next Month"
Decrypt > "The First Part of Ethereum 2.0 Is Formally Submitted"
Decrypt > "Tezos Becomes a Favorite to Power the Digital Euro"