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Cramer: Go To Vegas Casinos Instead Of Gambling On Bitcoin

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Cramer: Go To Vegas Casinos Instead Of Gambling On Bitcoin

Investors were watching as the price of bitcoin approached the $10,000 mark a few weeks ago, but the digital currency has since blown past the psychological important barrier and traded above $12,000.

The Expert

CNBC's Jim Cramer.

The Strategy

Investing in bitcoin is no different than gambling, so those who want to gamble should "go to Vegas," Cramer said. 

The Thesis

Bitcoin is a real currency with real uses and is being embraced by multiple companies, most recently Square Inc (NYSE: SQ), Cramer said during CNBC's "Squawk Box" segment on Wednesday. Yet at the same time, bitcoin is an "oddity that has nothing to do with us" as investors and is no different from Monopoly money, he said. 

Investing in bitcoin is "pure gambling" and no different than trying to pick a Super Bowl winner, he said. 

"It's just gambling," Cramer said. "You want to gamble? Go to Vegas. Vegas is fabulous. I'm not allowed to bet because of my contract, but holy cow — this is just a gambling thing."

No expert has properly explained why bitcoin is "anything but gambling," Cramer said. 

Price Action

Bitcoin was last seen trading at $12,735.57, up nearly 9 percent on the day, according to Coindesk.

Related Links:

Square's CFO Talks Bitcoin: We Have To Be There As An Innovator

Back The Blockchain With This ETF

Posted-In: Bitcoin digital currency Jim Cramer Squawk Box Jim CramerCryptocurrency Top Stories Media Best of Benzinga

 

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