At the time of Cramer’s warning, BTC was trading at around $27,340, having experienced a modest 0.8% gain in the previous 24 hours.
Prominent CNBC host Jim Cramer has once again made headlines with his skepticism toward Bitcoin (BTC), causing concern among cryptocurrency enthusiasts. Cramer, renowned for his outspoken nature and financial insights, recently suggested that the leading digital asset is on the brink of a significant downturn.
During a recent segment on CNBC’s “Squawk on the Street,” Cramer discussed potential investment opportunities and expressed his concerns about BTC, stating that the digital asset is poised for a decline.
“A lot of the people who watch us are searching for ways not to lose money but to make money. I can’t go out with gold because gold is not good. I can’t go out with Bitcoin because…Mr. Bitcoin is about to go down big,” he said.
A Hedge Against Inflation
Cramer’s cautious stance on cryptocurrencies has been a recurring theme, attributed mainly to regulatory concerns within the United States. His recent comments on CNBC’s “Squawk on the Street” reiterated his apprehension about the digital asset and suggested a potential downturn for BTC.
The bearish sentiment from the CNBC host and financial adviser comes shortly after billionaire investor Paul Tudor Jones’ appearance on the same network. Jones expressed confidence in Bitcoin’s resilience against economic uncertainties, including the impending Federal Reserve rate hikes and geopolitical tensions.
At the time of Cramer’s warning, BTC was trading at around $27,340, having experienced a modest 0.8% gain in the previous 24 hours. The cryptocurrency fluctuated throughout the day, with its price fluctuating between a low of $27,296 and a high of $27,726.
Despite these short-term fluctuations, Bitcoin has displayed remarkable resilience, boasting a 65% increase year-to-date.
Inverse Cramer Tracker Cheers Bitcoin Bulls
Cramer’s pessimistic outlook did not escape the attention of crypto enthusiasts. In response to his comments, some crypto community members humorously alluded to an “Uptober” as a counterpoint to Cramer’s bearish prediction. A Twitter user with the handle @btc_dan even suggested that Cramer’s remarks might inadvertently validate the emergence of a new Bitcoin bull market.
In a surprising turn of events, the Inverse Cramer Tracker, designed to counteract the investment recommendations made by the outspoken television personality, responded with an intriguing message shortly after the warning about Bitcoin’s future.
The tracker, which typically seeks to generate investment results contrary to Cramer’s advice, took to Elon Musk‘s X platform, saying, “Congrats, Bitcoin Bulls.”
Congrats Bitcoin bulls pic.twitter.com/RB6qoctBpc
— Not Jim Cramer (@CramerTracker) October 10, 2023
It is worth noting that Cramer has a mixed track record when it comes to financial predictions. Such uncertainty has led to the creation of an “Inverse Cramer ETF,” which allowed investors to bet against his stock picks, although the ETF was discontinued in August.