EddieJayonCrypto
27 Nov 24
Jim Cramer, host of CNBC's "Mad Money," defended his bullish stance on Bitcoin despite criticism. His recent endorsement led to a 5% price drop in Bitcoin, sparking debate. Cramer acknowledged the lack of concrete evidence supporting crypto as an economic hedge but deemed it a plausible investment. ...
Jim Cramer, host of CNBC's "Mad Money," recently defended his bullish stance on Bitcoin despite facing criticism. His endorsement of crypto led to a 5% price drop in Bitcoin, sparking debate among investors. Cramer acknowledged the lack of concrete evidence supporting crypto as an economic hedge but deemed it a plausible investment. However, he also hinted at a possible change in his stance if the deficit improves.
Cramer has unintentionally become a crypto market indicator, with his endorsement causing Bitcoin's price to fall by 5% just two days later. Despite this, he argued for crypto's inclusion in investment portfolios, acknowledging the lack of concrete evidence but deeming it a plausible story.
Cramer's notorious track record of making wrong calls has made him a living meme within crypto circles. Some traders even developed an "Inverse Cramer" strategy, believing that doing the opposite of his recommendations can lead to profits.
Despite his endorsement, Cramer's stance came with a notable caveat: he might "change his tune" if the deficit gets under control, showcasing the complexities and uncertainties of the crypto market.