'Phony money paying for real money' — Cramer sells some bitcoin and pays off a home mortgage

    asset management news magazine

    Jim CramerScott Mlyn | CNBC

    CNBC’s Jim Cramer said Thursday he recently paid off a mortgage using profits from his investment in bitcoin.

    Cramer said he bought “a lot of bitcoin” when the world’s biggest cryptocurrency was priced at around $12,000. He said he has now sold about half of his position.

    “I paid off a mortgage yesterday with it,” Cramer told “Squawk on the Street.”

    The price of bitcoin hit a record high above $64,000 per coin Wednesday. On Thursday, bitcoin traded around $63,000. Its price has risen over 115% year to date.

    “From the chart, I may be the only natural seller, but it was so great to pay off a mortgage. It was like, kind of, phony money paying for real money,” Cramer said.

    “I now own a house — lock, stock and barrel — because I bought this currency,” he added.