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Your Bitcoin has been bought! Wall Street madman Jim Cramer increases Bitcoin position: the more it falls, the larger my position.

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Your Bitcoin has been bought! Wall Street madman Jim Cramer increases Bitcoin position: the more it falls, the larger my position.

Last week, Bitcoin experienced its second significant pullback in nearly two months, causing many to sell their Bitcoin holdings out of fear of further decline. However, this prominent TV show host bought more Bitcoin last Friday when it dropped.

Jim Cramer Increases Bitcoin Holdings

CNBC host Jim Cramer recently revealed in an interview with his financial platform, "TheStreet," that he bought more Bitcoin (BTC) last Friday morning when the price dropped below $18,000. Cramer added that diversifying his investment portfolio with cryptocurrency and other assets is essential:

"When the price drops, I buy like I usually do. My position will continue to get bigger. I'm trying to make it so my portfolio has as many assets as possible. I own gold, I'm going to diversify some into Bitcoin, not a big position for me, but it's important to have that balance of assets. Bitcoin is an asset, and I want to have asset balance." (Video starts at 10:45)

Cramer's decision to buy Bitcoin seems to have come after a tweet on Twitter.

Cramer further mentioned that every overheating must experience a pullback, and he chose to buy at the $17,000 price level because Bitcoin had appropriately retraced from its peak, and his favorite entry point is when highs come down.

Wall Street Big Shots Acknowledge Bitcoin

Jim Cramer, a former hedge fund manager and host of CNBC's Mad Money, as well as a co-founder of the financial platform "TheStreet," might be unfamiliar to most people, but those who have watched "Iron Man" should remember Jim Cramer's scene criticizing Stark Industries.

In fact, during the 2017 bull market, Jim Cramer's attitude towards Bitcoin was very different from now, as he claimed back then that cryptocurrencies were heading for oblivion. However, since being invited as a guest on Bitcoin advocate Anthony Pompliano's show in September, Jim Cramer has reconsidered and mentioned he might consider allocating 1% of his portfolio to Bitcoin.

This year, Bitcoin has garnered significant attention on Wall Street, starting with Wall Street titan Paul Tudor Jones, hedge fund manager worth $4.4 billion Stanley Druckenmiller, and SkyBridge Capital founder Anthony Scaramucci, among other prominent figures, all recognizing the value of Bitcoin as an inflation hedge. Following Jim Cramer, who will be the next to announce their Bitcoin purchase?