There’s an oft-repeated mantra in online investing circles: Do the opposite of whatever Jim “Mad Money” Cramer says. The TV stock market pundit has such a poor track record that there’s even a real investment fund called Inverse Cramer.
So, when Cramer backpedaled on years of putting down Bitcoin on Tuesday morning by calling it a “technological marvel” that’s “here to stay” amid a hot streak that saw the price of 1 BTC rise to $45,000, investors saw a fall on the horizon.
It would be inadvisable to put too much stock into how much influence Cramer’s predictions have on the price of any asset, including Bitcoin. But it is undoubtedly funny, and further shores up the Inverse Cramer investment thesis. In reality, sharp pullback and recovery is a frequent occurrence in Bitcoin, as investors seek to sell at what might be the top (and, often, buy back in at a lower price). A more concrete explanation for the sell-off is increasing uncertainty around whether several Bitcoin spot ETFs—which would allow investors to track the price of Bitcoin without actually purchasing it—will be approved by regulators this month.
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From reporter Jordan Pearson:
There’s an oft-repeated mantra in online investing circles: Do the opposite of whatever Jim “Mad Money” Cramer says. The TV stock market pundit has such a poor track record that there’s even a real investment fund called Inverse Cramer.
So, when Cramer backpedaled on years of putting down Bitcoin on Tuesday morning by calling it a “technological marvel” that’s “here to stay” amid a hot streak that saw the price of 1 BTC rise to $45,000, investors saw a fall on the horizon.
Immediately, the price of Bitcoin fell from its high of $45,000 to roughly $41,000. It was a precipitous fall of 8 percent that triggered about $400 million in liquidations, [according to CoinDesk](https://www.coindesk.com/markets/2024/01/03/bitcoin-slumps-as-400m-liquidated-in-two-hours/).
It would be inadvisable to put too much stock into how much influence Cramer’s predictions have on the price of any asset, including Bitcoin. But it is undoubtedly funny, and further shores up the Inverse Cramer investment thesis. In reality, sharp pullback and recovery is a frequent occurrence in Bitcoin, as investors seek to sell at what might be the top (and, often, buy back in at a lower price). A more concrete explanation for the sell-off is increasing uncertainty around whether several Bitcoin spot ETFs—which would allow investors to track the price of Bitcoin without actually purchasing it—will be approved by regulators this month.
Link to the full article here: [https://www.vice.com/en/article/93kmme/bitcoin-price-jim-cramer-etf](https://www.vice.com/en/article/93kmme/bitcoin-price-jim-cramer-etf)
That’s so gas