- Mad Money TV host Jim Cramer advised direct Bitcoin purchases.
- Cramer scolds MicroStrategyโs shares despite an 87% YTD return.
- MicroStrategy CEO Michael Saylorโs BTC stash soared past $13B.
The controversial financial analyst Jim Cramer has dropped another bomb on his audience by claiming that Bitcoin (BTC) is a better investment than MicroStrategy stock (MSTR). In the latest episode of Mad Money hosted on CNBC, Cramer advised his audience, “If you want exposure to Bitcoin, buy Bitcoin directly,โ firing shots at Michael Saylorโs MicroStrategy Inc., as the large institutional enterprise is known for hefty BTC investments.
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Cramer is known for his frequently incorrect remarks, sometimes even sparking rallies for Bitcoin or the alternative cryptocurrencies he advised against. This time, the urge to avoid MicroStrategy shares comes despite MSTRโs 87% year-to-date run, with the asset performing below Bitcoinโs 130% year-to-date profit. As of press time, MSTR trades at $1,270.
Meanwhile, MicroStrategy CEO Michael Saylorโs cryptocurrency wallet holds a whopping $13,300,507,953.60, now 75.33% up since its creation.
MicroStrategy Maintains Bullish Stance on Bitcoin
Paying $821 million for โฟ12,000 at $68,477, the famed Bitcoin Maxi continued to acquire BTC after it claimed a new all-time peak at $73,737. However, Bitcoinโs journey since its all-time high has been challenged by inconsistent action in Bitcoin Spot exchange-traded funds (ETFs).
The largest Bitcoin ETF management enterprise, Grayscale, has witnessed a flood of exiting positions due to BTC ETF fees, while the recently introduced Bitcoin ETFs in Hong Kong have incurred more redemptions than deposits for three days in a row. 519.5 Bitcoins were redeemed on May 13, 2024, leaving the total Hong Kong Bitcoin ETF count at 3,560.
Previously, Cramer had a backward effect on Bitcoinโs movement and even launched an Inverse Cramer ETF to capitalize on the opposite outcome. If the Inverse Cramer theory still holds, recommending buying BTC directly could impose an extra challenge for the leading digital asset. As of press time, BTC trades at $61,828, with a 1.8% drop over the past 24 hours.
On the Flipside
- Alongside Tuesday’s stagnant Bitcoin (BTC) price movement, the drawdown below $62,000 comes with substantial sell pressure on Spot markets.
- Over the past 24 hours, there have been $5.67 billion in sales in BTC, in comparison to $1.32 billion in BTC bids, according to CoinPaprika data.
Why This Matters
Celebrities discussing Bitcoin assist in raising awareness about blockchain technology, comparing it to traditional stock shares and putting Bitcoin in the landscape of traditional finance.
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