Jim Cramer Says 'Own Bitcoin, That's A Winner,' Crypto Community Scoffs: 'Pack Up Your Bags, Sell Everything'

Benzinga11-23

CNBC's Jim Cramer, host of Mad Money and frequent source of contrarian market indicators, recently voiced his support for Bitcoin BTC/USD during his "Lightning Round," causing a stir among crypto ...

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causing a stir ","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4594":"比特币ETF概念","BK4585":"ETF&股票定投概念","BK4601":"加密货币现货ETF","BK4588":"碎股"},"translate_title":"吉姆·克莱默(Jim Cramer)表示“自己的比特币，那就是赢家”，加密货币社区嘲笑道：“收拾行李，卖掉一切”","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{},"content_text":"CNBC's Jim Cramer, host of Mad Money and frequent source of contrarian market indicators, recently voiced his support for Bitcoin BTC/USD during his \"Lightning Round,\" causing a stir among crypto enthusiasts.\nWhat Happened: During the segment, Cramer recommended a trader invest in Bitcoin rather than MicroStrategy MSTR, the software company heavily invested in Bitcoin. \n“I prefer actually to own Bitcoin,” he stated, calling it a “clear winner.”\n\nJIM CRAMER: \"All I can tell you is own Bitcoin, that's a winner\"It's over pic.twitter.com/l5Mx3VTsA3— Inverse Cramer (@CramerTracker) November 22, 2024\n\nCrypto Twitter Reacts\nFor those unfamiliar, the “Inverse Cramer” phenomenon hinges on the belief that doing the opposite of what Cramer recommends yields a profit.\nThe crypto community, notorious for its skepticism toward Cramer’s predictions, reacted with a mix of humor and dread:\nThe Block Editor-in-Chief Tim Copeland tweeted \"that’s it we’re going to zero\"\nCrypto news outlet Milk Road quipped, \"Pack up your bags, sell everything. Bull market is cancelled.\" \nCrypto trader Ash Crypto jokingly wondered if this is a sell signal.\nVeteran financial analyst and whale investor Jacob King shared a chart showcasing Bitcoin’s historical price dips following Cramer's remarks on crypto.\n\nJim Cramer just turned bullish on #Bitcoin. 📈Saving this for the record—let's see how this ages. pic.twitter.com/e8vnMxg4Bd— Jacob King (@JacobKinge) November 22, 2024\n\nAlso Read: Bitcoin Zeroes In On $100,000, But This Indicator Signals One More Brief Correction\nCramer’s Previous Predictions\nIn January, Cramer claimed, “We are very far from the bottom in crypto.” \nBitcoin fell 4% in 24 hours, sinking below $41,000—the lowest since the launch of spot Bitcoin ETFs.\nHowever, Cramer also recently highlighted Coinbase COIN Global as a winner, saying, \"These are stocks that there are buyers every time they pull back and there probably will be to year end. Coinbase is a winner.\"\nWhy It Matters: The “Inverse Cramer” joke plays on the tendency for markets to move counter to his predictions, earning him notoriety in the crypto world. \nWhile Cramer's Bitcoin endorsement might amuse traders, it also stirs caution among those who've witnessed similar trends in the past.\nThere has been no definitive proof of counter-trading Cramer’s predictions being a profitable strategy. An ‘inverse Cramer ETF’ launched in October 2022 shut down in January.\nRead Next: \n\nBitcoin Analyst Warns Of ‘4-6 Flash Crashes’ Before Year-End As It Inches Closer To $100K: That’s The Moment Altcoins ‘Shoot Off’\n\nImage: Shutterstock Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. 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