Stocks rose Thursday after data on retail sales and jobless claims and solid earnings reports pointed to a recovering U.S. economy.
TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about Coinbase, Bitcoin and why markets could be on the cusp of the greatest consumer boom.
Cathie Wood's Purchase of Coinbase Stock
Star fund manager Cathie Wood added nearly $250 million in Coinbase (COIN) - Get Coinbase Global Inc Report shares to her flagship funds on its first day of trading while trimming some holdings of Tesla (TSLA) - Get Tesla Inc. Report.
On Thursday, Coinbase disabled Ethereum and ERC-20 withdrawals while the company investigates a "potential issue" due to a recent network upgrade.
Cramer said Cathie Wood is selling Tesla because it has gone up a lot and putting the money in Coinbase. "She'll buy it every day and it will become a stock that can't be resisted by the people who watch what she does."
Bitcoin raced ahead more than six times to almost $63,000 Wednesday.
It was recently trading at $62,320, down 1%, according to Yahoo Finance data.
Cramer said he took advantage of the fact that there were no sellers in Bitcoin and used it to pay his mortgage. "Think about what you owe. A lot of people have bought homes and have a mortgage. It's a great opportunity to pay it off by selling some Bitcoin," Cramer added.
Markets on Thursday
Cramer said we could be heading towards a boom. as Delta Chief Executive Ed Bastian pointed out to him. "It's turning out to be a consumer boom, not an industrial boom. Liquidity of the consumer and how they're starting to spend with only a quarter of the country vaccinated, what the heck is it going to be like when everybody is vaccinated. We could be on the cusp of the greatest boom than we have ever had in this country," Cramer said.