Jim Cramer, the well-known host of CNBC’s Mad Money show, has recently made a surprising prediction about Bitcoin (BTC). Despite his reputation for sometimes erratic and inaccurate financial forecasts, Cramer expressed skepticism about the number one cryptocurrency during a guest appearance on CNBC’s Squawk on the Street.
First, Cramer dismissed gold as an investment option, then turned his attention to Bitcoin. His comments conveyed a sense of pessimism, stating, “I can’t be in something where Mr. Bitcoin is about to go down big.” The reference to “Mr. Bitcoin” was unclear and open to interpretation. It’s unclear whether Cramer was referring to the ongoing trial against disgraced former FTX CEO Sam Bankman-Fried or something or someone else entirely. Nonetheless, Cramer’s sentiments leaned toward a bearish outlook for Bitcoin’s future.
Contrary to popular opinion, Cramer’s beliefs often serve as a contrarian indicator in the financial community. He continued his discussion by delving into the world of billionaires and recounting intriguing historical events involving Vladimir Lenin and Leon Trotsky. Cramer emphasized the perceived dangers of the current era and reminded viewers of his role as a financial advisor who provides investment advice even when options seem limited.
Cramer’s Historical Stance on Cryptocurrency
Judging by his past statements, it’s clear that Cramer has consistently held a bearish view on cryptocurrencies, especially Bitcoin. He has frequently cited regulatory concerns in the United States as a cause for his skepticism. However, despite mostly bearish trading this week, the spot price of Bitcoin has remained above the $27,000 mark. Since the beginning of the year, Bitcoin has seen a remarkable 65% increase.
