If you haven’t been paying a lot of attention to the financial market as of late, things may seem somewhat out of hand. Names like GameStop, AMC and Dogecoin have all made headlines recently, usually accompanied by the massive fortunes they’ve created for folks seemingly out of thin air. Regardless of what side of the meme stock and cryptocurrency spectrum you fall on, there is no denying that serious money is changing hands. Jim Cramer, host of CNBC’s “Mad Money” is a part of this group, as was made evident on a segment of the show last week. Cramer announced that he sold half of his Ether, also known as Ethereum tokens, and used that cash to order himself a brand new GMC Hummer EV.
“I sold half my Ethereum yesterday … and I put some money down to own a Hummer,” Cramer said Wednesday.
Ether: What Are Ethereum Tokens?
Ether is a digital currency that runs on the Ethereum blockchain, which is a decentralized computing platform. Like other forms of cryptocurrency, Ether has seen a tremendous rise in its value over the course of the last year. At the end of 2020, Ether was trading hands for around $740 per token. When Cramer sold off half of his holdings last week, the currency was valued at closer to $3,400 per token. That represents a year-to-date gain of over 350 percent. As a result of this increase, Ether tokens are the second most valuable form of crypto on the market, only behind Bitcoin. At the time of writing this article, Ethereum’s value is sitting just below $4,000 per token. It doesn’t take many tokens then to purchase something like a GMC Hummer EV.
The GMC Hummer EV
Jim Cramer noted during the “Mad Money” segment that he initially purchased some Ether at the end of March, in order to participate in an NFT auction being put on by Time Magazine. Whether or not he was able to take home any of the digital assets that piqued his interest, there is no denying he’s found a use for the currency. A GMC Hummer EV is by no means a cheap vehicle, with both the early variants of the pickup and SUV models carrying six-figure price tags. Of course that high MSRP doesn’t come out of nowhere. The GMC Hummer EV makes 1,000 horsepower and 1,000 lb-ft of torque in truck form, while returning ratings of 830 horsepower and 1,000 lb-ft of torque as an SUV. Combine that level of grunt with over 300 miles of driving range and unrivaled off-road capabilities, and GM’s electric offerings do become rather enticing.
The whole cryptocurrency situation is continuing to unfold, though don’t expect it to go away anytime soon. In fact, it’s relationship with the vehicle market may only continue to grow. We already know that Elon is all in on the stuff, despite his apparent ability to both add to and destroy the value of said currency. Regardless of what Tesla is up to, folks will certainly use their newfound crypto wealth to buy vehicles. Jim Cramer made a solid choice with the GMC Hummer EV, but what would you buy for equivalent money? Let us know down below!