With a substantial 24.46% increase in the last month, the cryptocurrency’s upward momentum is driven by optimism regarding US regulators’ potential approval of a spot Bitcoin exchange-traded fund (ETF) and expectations of Federal Reserve rate cuts in 2024.
Picked for you
In April, Cramer advised investors to sell Bitcoin just as the cryptocurrency was starting to rally in March. Since then, BTC has surged over 80%, leaving many to mock the financial analyst’s advice. Indeed, Bitcoin was trading at $24,152 at the time and is currently trading at $43,391 at the time of publication.
“Bitcoin is a strange animal, I would say point blank: I think it is being manipulated, it was being manipulated, so please don’t assume that it is not still being manipulated. And I would sell my Bitcoin right into this rally, and believe me, I have been a believer at one time in Bitcoin, not here, not now.”
Back in January, when Bitcoin was trading at $17,093, Cramer stated that the current climate presented a “good chance again to get out of crypto.” And in comparison to his January comments the digital asset has gained 153% in value.
Cramer’s previous comments on Bitcoin
The host of Mad Money has recently changed and voiced different opinions regarding this cryptocurrency, often altering his stance.
One of his most recent opinions was positive. Following a question on his thoughts on CleanSpark (NASDAQ: CLSK) in his latest episode of CNBC Lightning Round, Cramer responded:
“If you like Bitcoin, buy Bitcoin. That has always been my view, and for a while, I liked it, and then I decided that money had been made. I acted premature, but money has been made.”
And only two months ago, he implored his viewers to use the opportunity and exit the cryptocurrency market. Saying that “Mr. Bitcoin is about to go down big.”
Despite Cramer’s doubts about cryptocurrencies, Bitcoin has continued to perform strongly, confounding many traditional investors who remain skeptical of digital assets.