Jim Cramer Missed Out…Again
The man’s a living meme…at least his advice is….Bitcoin is the last thing you’d want to bet against…unless you’re Cramer.
Jim Cramer Missed Out on a 23% Monthly Gain in Bitcoin’s Price
“The Bitcoin price (BTC) began to bubble up from the $27,900 handle on Sunday, Apr 9. By Monday, it had entered into full rally territory, shooting up to $30,450 by Tuesday.
But most of Jim Cramer’s audience probably missed the opportunity to make a cool 23% gain as he CNBC “Mad Money” host told viewers to avoid Bitcoin on Mar 14.
Cramer Does It Again
Moreover, Cramer told CNBC watchers that they should sell any BTC they have:
“Bitcoin went up today. And I would argue now it can’t even be held in banks. Bitcoin is a strange animal. I will say point blank: I think it’s being manipulated up. It was being manipulated the whole time by Sam Bankman-Fried. Please don’t assume therefore, that it’s not still being manipulated. And I would sell my Bitcoin right into this rally. I mean I had been a believer at one time in Bitcoin. Not here, not now.”
As it turns out, the bitcoin price soared in the month since Jim Cramer told viewers to sell. The day he offered this opinion about the king cryptocurrency, BTC closed at $24,746. Moreover, the cryptocurrency had just gained 22.58% in a four-day run up from $20,187 on Mar 10. That’s why Cramer said he would sell right into the rally.
Any CNBC watchers who took his advice and sold their BTC missed out on another 23% leg up from the Mar 14 price. All because Jim Cramer said he thinks it’s being manipulated. He didn’t have any real reason to think that, not one he shared with his audience anyway.