Mad Money host Jim Cramer believes that Bitcoin’s price is being artificially inflated and has recommended selling it during this rally. Federal Reserve. “Bitcoin is a strange animal,” He stated that the price for cryptocurrency is “being manipulated up.”
Jim Cramer’s Advice
The Mad Money show presenter Jim Cramer believes that the time has come to abandon Bitcoin, despite the recent failures of major banks and the increasing lack of trust in the banking system. Cramer is a former hedge fund manager and co-founder of Thestreet.com, an online platform for financial news and education.
In response to a caller’s question on Monday’s Mad Money show about whether the “persistent distrust” of the banking system and the Federal Reserve had “strengthened the investment case for bitcoin,” Cramer, while acknowledging that BTC’s price had risen, insisted on his response:
No … Bitcoin is a peculiar creature. I will say it right away, I think it is being manipulated up … I would sell my bitcoin right into this rally.
“It is being constantly manipulated by Sam Bankman-Fried [SBF]. So don’t assume that it’s still not being manipulated,” Cramer said, specifically referring to the notorious former CEO of the defunct crypto trading platform FTX.
Many social media users consider Cramer’s suggestion to sell bitcoin to be a buying signal, citing his record of giving bad advice. There is also an inverted version of the Cramer ETF (exchange-traded fund), an investment vehicle that offers results opposite to those recommended by Cramer.
Cramer advised investors to buy Silicon Valley Bank stock last month, and regulators closed the bank last Friday. He also highly recommended Signature Bank’s stock as a good investment in April of last year; it was almost a year old when it was shut down by the New York State Department of Financial Services.
What do you think of Jim Cramer’s advice on Mad Money? Let us know by leaving a comment.
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