Mad Money’s Host Finds the Time Right for Selling His Bitcoins
Jim Cramer, host of the ‘Mad Money’ show on CNCB has arrived at the conclusion that he must sell his Bitcoins now. He is of the view that the time is right because the time is right.
He suggested that he finds Bitcoin an “odd creature” whose price can be manipulated for sending it either up or even down.
This is quite an unusual phenomenon that has been witnessed with an asset that has a very prominent existence in the trading market.
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Still, the asset has the tendency to be manipulated by even a small group of investors. This is quite an alarming situation that has to be addressed and tackled, and if not, then investors need to sell it.
Advice Rendered By Jim Cramer
According to Jim Cramer, Bitcoin is currently on a rally because the asset’s price has spiked even after the collapse of multiple financial institutions.
He believed that the somehow the collapse of such banks has given rise to Bitcoin’s value significantly. He is now of the considered view that keeping in mind Bitcoin’s existing rally, he must dispose of his Bitcoins.
Cramer was hosting his show on Monday where he took up several questions from the live audience over phone calls. When it was the segment for major investment assets, most of the queries were raised pertaining to Bitcoin and its growing volatility.
One of the callers asked him whether the apparent weakness in US’s central bank and banking system calls for Bitcoin investment. Most of the time, a surge is witnessed when the dollar price goes down.
Responding to the question, Cramer advised that the US’s banking system as well as the Federal Reserve no more enjoys people’s trust.
In fact, the ‘distrust’ has been existing for more than two years and would like to continue further, said Cramer.
While acknowledging the fact that Bitcoin’s value is surging, he replied that the ‘distrust’ does not call for investing in Bitcoin.
He stated that Bitcoin is an odd creature and, at the present time, he wouldn’t recommend anyone investing in it. Instead, he advised that the time for selling Bitcoins is perfect because selling would ensure some profits.
He informed me that at least he would be selling his Bitcoin holding to make sure he does not inflict losses.
During the show, on several occasions, Cramer talked about ‘Bitcoin price manipulation’. He argued that Bitcoin price can be engineered either way for achieving one’s agenda.
What he was referring to was the collapsed FTX platform whose CEO, Sam Bankman-Fried, was accused of price manipulation.
He told the audience that there was a time when he was a firm and honest believer in Bitcoin. However, that time has gone past long ago and now he doesn’t believe either in Bitcoin or any other cryptocurrency in particular.
Public Response to Cramer’s Advice
Cramer is an influential man whose advice is taken seriously by the traders.
He has experience managing hedge funds in past and thereafter established ‘Thestreet.com’ as one of the financial news outlet’s founders.
Upon coming to know of Cramer’s advice, many traders on social media platforms were seen responding to his advice. However, his advice has been taken in the opposite by the majority of traders.
Traders suggested that Cramer’s advice is usually poor and that the advice calls for acquiring Bitcoins instead of selling them.
This anomaly pertaining to Cramer’s advice can be further proven by the fact that there is an ‘inverse ETF fund’ in the name of Cramer.
This ETF fund is dedicated to rendering investment advice contrary to what has been advised by Cramer.
Very recently, two of the world’s major banks namely Signature Bank and Silicon Valley Bank have collapsed. A little before their collapse, Cramer had advised traders to buy stocks belonging to the two collapsed banks.