TV personality and the host of “Mad Money,” Jim Cramer, has long been a vocal critic of cryptocurrencies like Bitcoin (BTC), Litecoin (LTC), Dogecoin (DOGE), and XRP. However, his recent comments on the crypto market have drawn the ire of many in the community, who have been quick to point out the irony of his predictions.
Last month, Cramer advised investors to sell Bitcoin just as the cryptocurrency was starting to rally on March 14. Since then, Bitcoin has surged 24%, leaving many to mock the financial analyst’s advice. Indeed, Bitcoin was trading at $24,152 at the time and is currently trading at $29,976 at the time of publication.
“Bitcoin went up today. Bitcoin’s a strange animal. I will say point blank, I think it is being manipulated up. It was being manipulated the whole time by Sam Bankman-Fried, so please don’t assume, therefore, that it’s not still being manipulated,” he said.
He added: “I would sell my Bitcoin right into this rally. And believe me, I had been a believer in Bitcoin at one time. But not here, not now.”
Despite Cramer’s doubts about cryptocurrencies, Bitcoin has continued to perform strongly, confounding many traditional investors who remain skeptical of digital assets.
Move out of Bitcoin quickly
An “inverse Jim Cramer” strategy or portfolio would involve doing the opposite of what Cramer recommends on his show. Some investors believe that an inverse Jim Cramer strategy can be profitable, as his picks are not always accurate and may be subject to bias or other factors.
Some investors who follow the “inverse Kramer” strategy view Jim Cramer’s moments of fear and capitulation as an opportune time to buy in. In other words, when he expresses negativity or advises caution on a particular stock or crypto, these investors see it as a signal to enter the market.
Notably, back on January 10, the tv personality suggested ‘move out’ of Bitcoin quickly, with it notably trading at $17,192 at the time; however, compared with the price at the time of publication, BTC has climbed over 74% since that date.
Interestingly, XRP coincidentally crashed 14% from its 2023 high of $0.58 before a slight rebound after TV personality Jim Cramer said the Securities and Exchange Commission (SEC) “may not even win” its lawsuit against Ripple.
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