Jim Cramer says ‘all I can tell you is to own Bitcoin, that’s a winner’, flash crash imminent?
(Translation: ‘all I can tell you is to own Bitcoin, that’s a winner’ ~Jim Cramer = "Altseason Is Coming!" ~ The Dinarian)
Since the beginning of November, the cryptocurrency market has seen a turn for the better. Nowhere is this more apparent than with Bitcoin (BTC), the leading digital asset.
At press time, one BTC was worth $98,580, having rallied by an impressive 48.16% over the course of the last 30 days to bring year-to-date (YTD) returns up to 133.56%.
Unfortunately, BTC’s rapid price swings aren’t limited to the upside — we’ve witnessed numerous instances where markets turned overwhelmingly bearish in a rapid manner, followed by a collapse in prices.
That’s not to say that another crash is inevitable — since the last crash in 2021, we’ve seen the advent of widespread institutional adoption — and with a second Trump presidency beginning soon, things are looking promising for the crypto industry and Bitcoin.
No less notable is the fact that many mainstream analysts, who were once skeptical of cryptocurrencies, have now turned bullish. Usually, that would fall under good news — but on November 22, renowned (and infamous) investor Jim Cramer revealed his bullish stance, stating that he prefers owning the digital asset directly rather than investing in its largest corporate holder, MicroStrategy (NASDAQ: MSTR).
I know it’s a Bitcoin play, I prefer to actually own Bitcoin, I know that Citron put some sort of short on it. All I can tell you is own Bitcoin, that’s a winner.
For readers who are confused, Cramer, a former hedge fund manager and media personality, has a reputation for making spectacular blunders. At times, Cramer has an almost preternatural ability to recommend an asset just before it experiences a significant crash. Although the situation is rather humorous, Cramer’s endorsement does have some investors worried that, if not a proper crash, a flash crash is in the making.
👉 Cramer has a history of misjudgements — but his reputation is largely unfounded 😉
In a ‘Lightning Round’ segment on his show, ‘Mad Money’, Cramer mentioned the cryptocurrency in a call with a viewer who asked him about MicroStrategy. When discussing Citron Research’s short position in MSTR, the former fund manager stated ‘Own Bitcoin, that’s a winner’.
Cramer’s missteps have taken on a life of their own in online spaces — at one point, Tuttle Capital Management even launched an Inverse Cramer ETF (SJIM). However, just six months later, the fund closed — so it would seem like Cramer got the last laugh.
While he certainly makes his fair share of mistakes — most recently with his FedEx (NYSE: FDX) recommendation, when one publicly shares their take on as many assets as Cramer does, that is simply an inevitability.
A BTC crash might be in the making — but it most likely won’t last long
On a much more serious note, regardless of Cramer’s stances, BTC could see a sharp correction in the short term.
The maiden crypto asset is trading at a new all-time high (ATH), and will soon reach a price of $100,000 per coin — retail and institutional investors alike could easily start profit-taking on a massive scale at the first sign of slowing momentum. In tandem, short interest has steadily been rising. As an aside, Cramer predicted that Bitcoin had topped out in back in January.
Distinguished crypto analyst Michaël van de Poppe is among those who believe a flash crash — a sharp move to the downside followed by an equally rapid recovery, will soon occur. On an even more positive note, he is predicting that this will be the event that kicks off the long-awaited altseason — a cycle in which altcoins and smaller cryptocurrencies outperform BTC.
Clips of the segment were widely circulated — when renowned financial newsletter The Kobeissi Letter shared it in an X post, accompanied by a chart showing a short-term drop in BTC prices following the airing of the ‘Mad Money’ episode, almost all of the comments pronounced the current bull run over.
https://finbold.com/jim-cramer-says-all-i-can-tell-you-is-to-own-bitcoin-thats-a-winner-flash-crash-imminent/
