American television star and former hedge fund manager Jim Cramer has once again changed his stance on crypto and Bitcoin. In a shift towards a more optimistic perspective, he may have just jinxed the rally that has seen BTC reach its highest price in almost two years.
CNBC's “Mad Money” host and crypto permabear has changed his mind. On January 2, he made another about-face on his digital asset outlook after Bitcoin surged past $45,000.
Can Bitcoin Rally Sustain Reverse Jim Cramer Effect?
“This thing…you can’t kill it,” Cramer exclaimed. The late billionaire investor Charlie Munger, who mocked Bitcoin at every opportunity, “was blind to it,” he added.
“It’s a reality and a technological marvel, and I think people need to start recognizing that it’s here to stay.”
Jim Cramer on CNBC. Source: X/@MilkRoadDaily
“This was a remarkable comeback that was unexpected, apart from all the bulls that turned out to be right,” he said.
On the same broadcast in January 2023, he said: “All crypto, I think, sell, sell, sell.”
He first hinted at a more optimistic outlook in November 2023 when he said: “Look, if you like Bitcoin, buy Bitcoin.” That has always been my view. And for a while I liked it and decided there was money to be made in it, but I was too early.”
Read more: How to buy Bitcoin (BTC) and everything you need to know
However, Cramer’s crypto capitulation could be a harbinger of poor performance or a correction, known in crypto circles as the “reverse Cramer” effect.
This phenomenon has also led to the introduction of reverse cramer ETFs, allowing investors to bet against it.
Sell the dip, buy the peak
In June, Cramer advised investors to exit crypto markets as regulatory pressure increased in the US. Looking back, this period would have been a good start as most crypto assets had collapsed and were in a long period of consolidation.
He also advised selling at the bottom of the market cycle in December 2022. “The truth is that it is never too late to sell a terrible position, and that is what you have when you own these so-called digital assets,” he said at the time.
Cramer's advice to “sell the base and buy the upside” has been largely seen as a source of entertainment by crypto investors who largely ignore the expert.
Bitcoin markets remain unfazed by his antics as the asset has barely moved in the last 24 hours. At press time, BTC was changing hands for $45,352, close to its 21-month high.
Disclaimer
In accordance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. The aim of this news article is to provide accurate and up-to-date information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy and Disclaimers have been updated.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.