Renowned television personality and esteemed host of the popular show “Mad Money,” Jim Cramer, has emerged as a prominent critic of cryptocurrencies, particularly Bitcoin (BTC).
In a bold statement made on January 9, Cramer advised his audience that the current climate presented a “good chance again to get out of crypto,” specifically referencing Bitcoin’s trading value at $17,093.
However, it is worth noting that since Cramer’s cautionary declaration, the flagship digital asset has experienced a remarkable surge, presently trading at $30,020—an impressive 75% increase.
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Year-to-date, BTC soared by more than 80%. Remarkably, over the past week alone, Bitcoin has surged by an impressive 17%, exemplifying its resolute upward trajectory. The cryptocurrency’s value soared from $25,500 to above $30,000, resulting in a substantial boost of $80 billion to its market capitalization.
Such overwhelming Bitcoin ETF interest from esteemed institutional investors like BlackRock (NYSE: BLK), Invesco, and WisdomTree has undoubtedly contributed to Bitcoin’s recent surge, further reinforcing its position as a digital asset of immense significance.
Cramer issues caution in March
Back in March, Cramer expressed his belief that Bitcoin is an enigmatic entity subject to manipulation, pointing to Sam Bankman-Fried’s alleged involvement in its manipulation.
With an air of skepticism, he cautioned against assuming that such manipulation had ceased, stating, “I think it is being manipulated up. It was being manipulated the whole time by Sam Bankman-Fried, so please don’t assume, therefore, that it’s not still being manipulated.”
The “Mad Money” host later advised:
“I would sell my Bitcoin right into this rally. And believe me, I had been a believer in Bitcoin at one time. But not here, not now.”
Cramer continued his critique by advocating for selling Bitcoin amidst its ongoing rally, disassociating himself from his previous belief in the cryptocurrency.
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