Here’s how much Bitcoin has risen since Jim Cramer told investors to sell in March
TV personality and “Mad Money” host Jim Cramer has long been a vocal critic of cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Dogecoin (DOGE) and XRP. However, his recent comments about the crypto market have drawn the ire of many in the community, who have been quick to point out the irony of his predictions.
Last month, Cramer advised investors to sell Bitcoin just as the cryptocurrency began to rise on March 14. Since then, Bitcoin has risen 24%, leaving many to scoff at the financial analyst’s advice. In fact, Bitcoin traded for $24,152 at the time and is currently trading for $29,976 at the time of publication.
“Bitcoin went up today. Bitcoin is a strange animal. I’ll be honest, I think it’s being manipulated up. It was being manipulated all along by Sam Bankman-Fried, so please don’t assume it’s not still being manipulated , he said.
He added: “I would sell Bitcoin right into this rally. And believe me, I had believed in Bitcoin at one time. But not here, not now.”
Despite Cramer’s doubts about cryptocurrencies, Bitcoin has continued to perform strongly, confounding many traditional investors who remain skeptical of digital assets.
Move out of Bitcoin fast
A “reverse Jim Cramer” strategy or portfolio would involve doing the opposite of what Cramer recommends on his show. Some investors believe that a reverse Jim Cramer strategy can be profitable, as his picks are not always accurate and may be subject to biases or other factors.
Some investors following the “inverse Kramer” strategy see Jim Cramer’s moment of fear and capitulation as an opportune time to buy. In other words, when he expresses negativity or advises caution on a particular stock or crypto, these investors see it as a signal to enter the market.
Notably, on January 10, the TV personality suggested “moving out” of Bitcoin quickly, and it was notably trading at $17,192 at the time; however, compared to the price at the time of publication, BTC has climbed over 74% since that date.
Interestingly, XRP coincidentally crashed 14% from its 2023 high of $0.58 before a small rebound after TV personality Jim Cramer said the Securities and Exchange Commission (SEC) “might not even win” the lawsuit against Ripple.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
