Jim Cramer, the animated host of CNBC's “Mad Money,” has become an unintended indicator of the crypto market — just not in the way he intended.
The commenter He defended his crypto position on the market entertainment show on Tuesday, referring to government spending and the deficit.
On Friday, the Firebrand stock fan offered Bullying call Crypto on Bitcoin sent Twitter into frenzy and prompted viewers to declare that the asset had reached an all-time high.
Two days later The price of Bitcoin decreased by 5%Wiping nearly $5,000 off value and raising long liquidity to more than $344 million over 11 days.
“I got a bunch of yahoos saying I called the top crypto advising,” he said, adding that there are people who want to rake me over the coals for a mistake I made 10, 15, 20 years ago.
Cramer argues that crypto should be included in investment portfolios despite the lack of empirical evidence to support it as a hedge against economic instability.
“While there is no proof that can protect you from anything, at least so far, this is a compelling story,” he said.
Cramer's record of making famously wrong calls has made him a living memory in certain crypto circles, especially among young traders.
His opinion was so contrarian that some traders developed the “reverse Cramer” strategy, believing that doing the opposite of everything he thought was a profitable way to do it.
The former hedge fund manager has had a rollercoaster relationship with Bitcoin and other cryptos over the years. Buying a farm with Bitcoin profits Flipping between calling it worthless and saying it No one can kill Bitcoin.
“I think Bitcoin, Ethereum and maybe some cryptocurrencies deserve a place in your portfolio as well,” Cramer said on Tuesday's show.
Although he maintains that crypto deserves a spot in the viewer's portfolio, Cramer's endorsement comes with one significant caveat: If volatility gets out of hand, it could “change its tune.”
Edited by Sebastian Sinclair.
Daily Debrief Newspaper
Start every day with top news stories, plus original features, podcasts, videos and more.
