Is a Dump Incoming? Jim Cramer Just Endorsed Bitcoin, Calling the Asset a Winner
Skepticism emanated in the crypto community after Jim Cramer endorsed Bitcoin, dubbing the asset a winner as he encouraged investors to own it.The Mad Money host had kind words for the pioneering cryptocurrency in the Lightning Round section of his show, stating that he would encourage buying into Bitcoin. In a scenario widely deduced to have a converse outcome, Cramer called Bitcoin a winner.Notably, Cramers comments came after a Florida-based caller mentioned that he bought MicroStrategys stock (MSTR) in 2023, accruing an over 1,000% portfolio increment. The caller also mentioned he does not plan on selling, lauding the software firms co-founder, Michael Saylor.The bullish sentiment prevails despite the recent price dump the MicroStrategy stock experienced on Thursday. Notably, the price of MSTR soared from $370 to $543 in three days but eventually crashed 30% in an hour. Despite this, the stock retained a 62% gain in November and 473% rise this year.In response to the recent investor comment, Cramer argued that although MSTR is a Bitcoin player, he refers to owning Bitcoin directly. The "Mad Money" host then stated that all I can tell you is own Bitcoin, thats a winner.Inverse Cramer in Play?Meanwhile, this high praise from the long-term Bitcoin critic did not bode well with the crypto community. Following his comments, enthusiasts pointed to the Inverse Cramer theory, which has accurately predicted moves in the past.Notably, the CNBC Mad Money host has a track record of seeing his predictions play out conversely. His blunt inverse stock and crypto predictions led to the creation of an exchange-traded fund (ETF), allowing users to bet on the opposite of the TV personality's market recommendations.As a result, investors have humorously sensed Cramers Bitcoin lauds as a sell signal. The general consensus believes that the current bull run might be in jeopardy following the TV presenters endorsement of the bullish premier asset.The Crypto Community ReactsCramers Bitcoin comments have tongues wagging as speculations of the asset peaking at $100,000 emerge. For instance, a user teased that it was over for Bitcoin, jokingly stating it was fun while it lasted. He then alleged that Cramer just confirmed that $100,000 is Bitcoins top.Another user emphasized the likely catastrophic outcome for bulls, asserting that the bull market just signed its death certificate. However, on-chain security tool Harpie argued that the inverse Cramer theory would not work for Bitcoin this time. The firm insisted that the leading cryptocurrency is too bullish to stall on the Cramer effect.
Text source: The Crypto Basic
