Jim Cramer Calls Bitcoin Decline a “Nasty Beginning to the Sell-Off”
TV personality and hedge fund founder Jim Cramer expressed his skepticism about the future growth of Bitcoin, calling its recent decline a “nasty beginning to the sell-off.” Cramer argued that an asset cannot double in value by hundreds of billions of dollars just because of the anticipation of an ETF.
Nasty beginning to the bitcoin selloff. Someone’s probably going to try to make a stand here but as we said last night you can’t have an asset double in value by hundreds of billions of dollars in anticipation of an ETF and then almost no one shows up
— Jim Cramer (@jimcramer) January 18, 2024
Larry Williams Warns Against Buying Cryptocurrencies
Cramer revealed that well-known investor and trader Larry Williams had warned him against investing in digital assets, stating that the cryptocurrency market is far from reaching its bottom.
Cramer’s Predictions and Community Response
Many social media users consider Cramer to be an unreliable predictor, with his predictions often moving in the opposite direction. Due to his track record, the Inverse Cramer Tracker ETF was created, which aims to provide investment results that are the opposite of what Cramer predicts.
Past Erroneous Predictions and Bitcoin’s Growth
In October 2023, Cramer stated that he would not invest in Bitcoin due to the downside risk. However, just two months later, Bitcoin’s price surpassed $44,000 with a yearly growth rate of 140%. In January 2024, Cramer predicted that $47,000 would be the peak price for Bitcoin, but the cryptocurrency exceeded $48,500 shortly after the launch of spot ETF trading.
Hot Take: Cramer’s Doubts and the Crypto Market
Jim Cramer’s skepticism about Bitcoin’s growth and his track record of inaccurate predictions highlight the volatile nature of the crypto market. While his opinions may influence some investors, it is important to consider multiple perspectives and conduct thorough research before making any investment decisions in cryptocurrencies.
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