CNBC Mad Money host Jim Cramer said he would sell bitcoin despite the collapse of big banks and public mistrust in the banking system and the Federal Reserve.
Jim Cramer’s Advice
Jim Cramer said he would be selling bitcoin during this bull run, as the price of BTC surged after several major bank failures. Cramer is a former hedge fund manager and co-founder of Thestreet.com, a financial news and knowledge website.
Responding to a caller’s question on Monday’s Mad Money show about whether the “continued distrust” of the banking system and the Federal Reserve “strengthens the investment case for bitcoin,” Cramer acknowledged that BTC’s price has risen, but replied flatly:
“Bitcoin is a weird animal. Frankly, I think it’s manipulated…I’m going to sell my bitcoin in this bull run.”
“It was always rigged by Sam Bankman-Fried (SBF). So please don’t assume it hasn’t been rigged,” Cramer stressed, referring to the former CEO of defunct cryptocurrency exchange FTX.
The Mad Money host added:
“Trust me, I was a believer in Bitcoin. Not here, not now.”
Many social media users took Cramer’s offer to sell bitcoin as a buy signal, citing his history of giving poor advice. There are even reverse Cramer exchange-traded funds (ETFs), designed to provide investment results that are the opposite of those recommended by Cramer.
Following the collapse of Silicon Valley Bank and Signature Bank, clips of Cramer’s Mad Money plans dug up on social media previously showed him advising investors to buy shares in both banks before they collapsed.
Cramer advised investors to buy SVB stock last month; then the bank was shut down by regulators last Friday. He also recommended Signature stock as a good investment last April, nearly a year after the shutdown of the New York State Department of Financial Services.
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