A compass that points south – We have already told you about Jim Cramerthe host of Mad Money, because it’s kind of inverted barometer. The reality of the markets finds itself diametrically opposed to these public positions. One of his last statements, dating from December 2022, strongly recommended selling cryptocurrencies. In this case, it is sell at the bottom of the marketsince the course of Bitcoin (BTC) and cryptocurrencies have returned to the rise soon after, from the beginning of 2023.
Sell that “strange animal” that is Bitcoin during this bullish rally?
To put you right away in the mood and give you an idea of the impressive level of “counter-indicator” of our dear Jim Cramerlet’s start by pointing out that it has advised investors to buy shares of the Silicon Valley Bank (SVB) last month. You know ? The bank that blew up this Friday, March 10, causing a banking crisis on a scale not seen since 2008.
Now that you have located the character, let’s come to his ” good advice “ re Bitcoin. As reported by several crypto-media outlets, Jim Cramer said on his Mad Money show:
“(…) Bitcoin is a strange animal. (…) I think it is manipulated upwards. [À la place des crypto-investisseurs,] I would sell my bitcoins now, right in this bullish rally. »
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A Buy “Anti-Jim Cramer Signal” on Bitcoin?
If the host of Mad Money was very often (and heavily) mistaken, it is better for the moment to try to take a step back on the situation. With the current severe banking crisis (Credit Suisse seems to want to follow the SVB), THE markets are more feverish than ever.
In any case, and paradoxically, Jim Cramer has “one day believed in Bitcoin”. He even bragged that his BTC had him “brought in a ton of money” in March 2021. But 2 years later, almost to the day, it is now ” [Bitcoin] not here, not now”for him.
Jim Cramer still seems traumatized by the catastrophic explosion of FTX. According to him, the “manipulations, like those of SBF (Sam Bankman-Fried)”, would persist in the sector, on the part of other players. Actors inside or outside the cryptosphere? He won’t say more. Seen the recent and strong return of volatilitythe next few weeks should quickly tell us whether the host remains an inverted barometer or not.
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