Mad Money host Jim Cramer says he would keep selling bitcoin despite major bank failures and growing public distrust in the banking system and the Federal Reserve. “Bitcoin is a strange animal,” he said, stating that the price of the cryptocurrency is “being manipulated.”
Jim Cramer’s Recommendations
CNBC’s Mad Money host Jim Cramer says he would sell bitcoins in this rally as the price of BTC jumped after the collapse of several major banks. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.
Responding to a question from a caller on Monday’s Mad Money show about whether “continued mistrust” in the banking system and the Federal Reserve “has strengthened the investment case for bitcoin,” Cramer acknowledged that the price of BTC has gone up, but he answered firmly:
No… Bitcoin is a strange animal. I will say point blank, I think it is being manipulated… I would sell my bitcoin outright on this rally.
“He is being manipulated all the time by Sam Bankman-Fried (SBF). So, he does not assume that he is not being manipulated yet,” Cramer stressed, referring to the disgraced former CEO of the crashed FTX crypto exchange.
The Mad Money host added: “Trust me, I once believed in bitcoin. Not here, not now.
Many social media users see Cramer’s suggestion to sell bitcoins as a buy signal, citing his history of giving bad advice. There is even an inverse Cramer exchange-traded fund (ETF), which seeks to provide investment results that are the opposite of Cramer’s recommended investment results.
Following the collapses of Silicon Valley Bank and Signature Bank, clips from Cramer’s Mad Money show resurfaced on social media showing him advising investors to buy stock in both banks.
Cramer advised investors to buy Silicon Valley Bank stocks last month; the bank was closed by regulators last Friday. also recommended signature bank‘s like a good investment in April of last year, almost a year before it was shut down by the New York State Department of Financial Services.
What do you think of Mad Money host Jim Cramer’s recommendations? Let us know in the comments section.
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