Jim Cramer Says ‘Own Bitcoin, That’s A Winner,’ Crypto Community Scoffs: ‘Pack Up Your Bags, Sell Everything’
By Benzinga
CNBC’s Jim Cramer, host of Mad Money and frequent source of contrarian market indicators, recently voiced his support for Bitcoin (CRYPTO: BTC) during his “Lightning Round,” causing a stir among crypto enthusiasts.
What Happened: During the segment, Cramer recommended a trader invest in Bitcoin rather than MicroStrategy (NASDAQ:MSTR), the software company heavily invested in Bitcoin.
“I prefer actually to own Bitcoin,” he stated, calling it a “clear winner.”
Crypto Twitter Reacts
For those unfamiliar, the “Inverse Cramer” phenomenon hinges on the belief that doing the opposite of what Cramer recommends yields a profit.
The crypto community, notorious for its skepticism toward Cramer’s predictions, reacted with a mix of humor and dread:
The Block Editor-in-Chief Tim Copeland tweeted “that’s it we’re going to zero”
Crypto news outlet Milk Road quipped, “Pack up your bags, sell everything. Bull market is cancelled.”
Crypto trader Ash Crypto jokingly wondered if this is a sell signal.
Veteran financial analyst and whale investor Jacob King shared a chart showcasing Bitcoin’s historical price dips following Cramer’s remarks on crypto.
Also Read: Bitcoin Zeroes In On $100,000, But This Indicator Signals One More Brief Correction
Cramer’s Previous Predictions
In January, Cramer claimed, “We are very far from the bottom in crypto.”
Bitcoin fell 4% in 24 hours, sinking below $41,000—the lowest since the launch of spot Bitcoin ETFs.
However, Cramer also recently highlighted Coinbase (NASDAQ:COIN) Global as a winner, saying, “These are stocks that there are buyers every time they pull back and there probably will be to year end. Coinbase is a winner.”
Why It Matters: The “Inverse Cramer” joke plays on the tendency for markets to move counter to his predictions, earning him notoriety in the crypto world.
While Cramer’s Bitcoin endorsement might amuse traders, it also stirs caution among those who’ve witnessed similar trends in the past.
There has been no definitive proof of counter-trading Cramer’s predictions being a profitable strategy. An ‘inverse Cramer ETF’ launched in October 2022 shut down in January.
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Image: Shutterstock
