Jim Cramer voices concerns over the decline in Bitcoin’s price.
TV personality and founder of hedge fund Cramer & Co., Jim Cramer, has described the recent decline in Bitcoin as a “negative start to the sell-off”. Cramer expressed doubts about the future growth of the cryptocurrency in a recent post on X. He argued that an asset cannot experience such a massive price increase in anticipation of an ETF.
Cramer revealed that well-known investor and trader, Larry Williams, had cautioned him against investing in digital assets, stating that the cryptocurrency market is still far from reaching its lowest point.
Cramer has gained a reputation on social media as an “indicator” whose predictions often turn out to be inaccurate. Many in the community have noticed that his assumptions tend to move in the opposite direction.
As a result of Cramer’s numerous incorrect predictions in the cryptocurrency world, the Inverse Cramer Tracker ETF was created. Although it is not affiliated with Jim Cramer, the fund is based on his predictions and aims to provide investment results that are opposite to what he usually says.
For instance, in October 2023, Cramer advised against investing in Bitcoin due to the downside risk. However, just two months later, the price of Bitcoin surpassed $44,000, resulting in a 140% annual growth for the asset.
In January 2024, Cramer predicted that $47,000 would be the peak price for Bitcoin. However, shortly after his statement, the price of the cryptocurrency exceeded $48,500 as spot ETF trading began.
In other news, Bitcoin has seen an 80% increase since Jim Cramer advised viewers to sell. Stay updated by following us on Google News.
