CNBC TV host Jim Cramer on Tuesday once again took a dig at Bitcoin’s (CRYPTO: BTC) future, suggesting it could take a significant hit.
What Happened: Cramer made these comments during CNBC’s “Squawk on the Street” where he discussed potential investment opportunities.
“A lot of the people who watch us are searching for ways not to lose money but to make money. I can’t go out with gold cause gold is not good. I can’t go out with Bitcoin because…Mr. Bitcoin is about to go down big,” he said.
Jim Cramer: “Mr Bitcoin is about to go down big”. 🤡 pic.twitter.com/piBWXB0QHd
— Eugene Ng 🌊 (I’m Hiring) (@Eug_Ng) October 10, 2023
While it was not explicit, Cramer’s reference to “Mr. Bitcoin” could potentially be linked to Sam Bankman-Fried’s ongoing criminal trial in New York. Regardless of the context, it is clear that Cramer anticipates a bearish trajectory for cryptocurrency.
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Why It Matters: In response to Cramer’s statement, the Inverse Cramer tracker, designed to generate investment results that are opposite to the recommendations made by television personality Jim Cramer, reacted with a tweet from their handle. “Congrats Bitcoin Bulls”
Congrats Bitcoin bulls pic.twitter.com/RB6qoctBpc
— Not Jim Cramer (@CramerTracker) October 10, 2023
Several accounts have voiced contrasting perspectives on the prediction made by Cramer that Bitcoin is poised for a downward movement. These accounts believe that Cramer’s bearish outlook could actually prove beneficial for the broader crypto market.
Jim Cramer just said “Mr #Bitcoin is about to go down big.”
Uptober is about to get real 👀
— Quinten | 048.eth (@QuintenFrancois) October 10, 2023
Jim Cramer : “Mr #Bitcoin is about to go down big”
You already know what this means right, prepare the rockets 🚀 pic.twitter.com/gqUcBSsq26
— NEBLEA (@nebleacom) October 10, 2023
Cramer has a history of skepticism towards cryptocurrencies, particularly amid the regulatory scrutiny in the U.S. This prediction follows a consistent pattern of his Bitcoin stance. Earlier, in March 2023, Cramer warned that “Bitcoin is a strange animal,” and investors should sell their holdings amid the rally.
“I would sell my Bitcoin into this rally, believe me, and I had been a believer in BTC,” Cramer said.
Price Action: At the time of writing, BTC was trading at $27,136, down $1.68 in the last 24 hours, according to Benzinga Pro.
Image via Shutterstock
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