- Jim Cramer is facing criticism for his recent Bitcoin applaud.
- The Mad Money host has stepped up to defend himself.
- Bitcoin is struggling to hit its dream price point.
Jim Cramer, the financial commentator and host of the Mad Money TV show, recently became the latest bullish figure on Bitcoin, promoting it as a top investment choice to his audience. But in classic Cramer fashion, his bullish stance has sparked less celebration and more panic, thanks to the infamous “Inverse Cramer” trend.
Traders and crypto enthusiasts alike are now bracing for what some fear could be the latest jinx on the market, with murmurs that his endorsement might signal the market’s next nosedive. Naturally, Cramer wasn’t about to let the chatter slide.
Jim Cramer Defends Crypto Stance
In a recent segment of his talk show, Cramer addressed the growing concerns about him being the harbinger of doom for crypto. The Mad Money host rejected the idea that his Bitcoin cheerleading could mark a top, brushing off claims that his track record reads more like a cautionary tale than a roadmap to riches.
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“I got a bunch of gahoos saying I called the top on crypto by recommending it,” stated Cramer, adding that “there are just too many people who want to rake me over the coals for something I did wrong years ago.”
Defending his stance, the financial commentator argued that he had liked crypto for a long time, acknowledging its potential as a hedge against inflation and government mismanagement. While he noted that crypto’s effectiveness as a hedge hasn’t been fully proven, Cramer stressed that it’s a “plausible story” for investors who seek protection against excessive government spending and a growing national debt.
He then encouraged his audience to consider the asset class, stating, “I think Bitcoin, Ethereum, and maybe even some other cryptocurrencies deserve a spot in your portfolio.”
Despite his defense, Cramer’s endorsement comes at a tricky time for Bitcoin.
Bitcoin’s Price Slip Deepens
The weeks-long bullish ride of crypto market giant BTC recently hit a rough patch. The token slammed the brakes on its rally, unable to maintain its momentum past the $99,000 mark.
Bitcoin’s troubles, however, did not stop there. The token suffered a deeper slip, falling back to the $92,000 it had long crossed. While the crypto giant has slightly rebounded to trade at its current range of $95,000, it remains below its all-time high of $99,645.
However, the price decline has not dampened the positive market sentiment surrounding the token. Market watchers and investors alike remain optimistic for a quick rebound, anticipating the token will recoup its gains and surge to the long-coveted $100,000 mark.
On the Flipside
- Cramer’s influence, while entertaining, is unlikely to have an impact on Bitcoin’s trajectory.
- The crypto market is no stranger to volatility.
Why This Matters
Jim Cramer’s antics add some comic relief to Bitcoin’s wild ride, but in the end, the crypto market’s trajectory is shaped by more significant factors.
Find out more about Jim Cramer’s crypto reputation in this article:
Cramer Sparks Bitcoin Rebound Optimism with Pessimistic Tweet
More institutions are joining the Bitcoin revolution; read about the latest here:
Saylor’s BTC Gospel Pays Off as Rumble Unveils $20M Strategy
