Bitcoin (BTC) price started surging from $27,900 on Sunday, April 9, and as of now, it is hovering at $30,737 after surging to a high of $31,000. This has led many to believe that Bitcoin has fully entered bullish territory.
Source: TradingView
But most of Jim Cramer’s audience may have missed the stellar 30% or so returns of the past month, when CNBC’s “Mad Money” host told viewers to stay away from Bitcoin this week (March 14).
Kramer is like that again
Additionally, Cramer told CNBC followers that they should sell all BTC:
“Bitcoin is up today. And I’m pretty sure it’s not even in the bank right now. Bitcoin is a ‘bizarre animal.’ Bankman-Fried Manipulation. So please don’t think it hasn’t been manipulated. I will sell my bitcoins in this price increase. I mean I was a believer in bitcoin. But unfortunately , not here, not now.”
Unexpectedly, in the 30 days since Jim Cramer urged viewers to sell their bitcoins, the price of bitcoin has skyrocketed. On the day he made this comment, BTC closed at $24,746 after rising 22.58% in four days from $20,187 on March 10. That’s why Cramer said he would sell immediately during that rally.
Any CNBC follower who took his advice and sold BTC missed out on a bargain, with prices down nearly 30% from their March 14 prices. All because Jim Cramer said he thought Bitcoin was sold. Manipulative, though he couldn’t give any real reason for it.
Why Cramer’s Advice on BTC Doesn’t Matter
All the arguments Jim made were “nIt’s been run by Sam Bankman-Fried. “ This is a very stupid reason.
Trying to discredit Bitcoin by attaching it to Sam Bankman-Fried is also just a superficial inference. But Cramer never proved that Bankman-Fried was still manipulating prices. SBF is under house arrest pending trial.
Also, from the start, it is more accurate to say that Bitcoin manipulated FTX, not the other way around. Even though FTX is that big, it was never a determining factor in the price of Bitcoin.
Meanwhile, Jim Cramer’s own stock-picking record remains flawed. An in-depth study of Cramer stock options by researchers at the Wharton School of the University of Pennsylvania found that over the past 17 years, Cramer options produced an annual return of 4.08% over a time period when the S&P 500 rose 7.07% Rate%.
Anyone who took Cramer’s advice on bitcoin in January missed a 46.8% gain when he called the cryptocurrency a “fake” while BTC traded at $20,688.
- Jim Cramer advises against Binance – bullish signal?
- Jim Cramer claims to have sold Bitcoin during this rally because it was “rigged.”
board pass
According to CryptoPotato
