Mad Money Jim Cramer on BTC Price Surge: ‘I Would Sell My Bitcoin Right Into This Rally’

Mad Money Jim Cramer on BTC Price Surge: "I Would Sell My Bitcoin Right Into This Rally"

The host of Mad Money, Jim Cramer, says he would still sell bitcoin despite the failures of major banks and growing public distrust in the banking system and the Federal Reserve. “Bitcoin is a strange animal,” he said, asserting that the price of the cryptocurrency is “being manipulated up.” Jim Cramer’s Recommendations

The host of CNBC’s Mad Money show, Jim Cramer, says he would sell bitcoin into this rally as the price of BTC jumped following the collapse of several major banks. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.

Responding to a caller’s question on Monday’s Mad Money show about whether the “continued distrust” in the banking system and the Federal Reserve has “strengthened the investment case for bitcoin,” Cramer acknowledged that the price of BTC has gone up, but firmly replied: No … Bitcoin is a strange animal. I will say point-blank, I think it’s being manipulated up … I would sell my bitcoin right into this rally.

“It’s being manipulated the whole time by Sam Bankman-Fried [SBF]. So, please don’t assume therefore that it’s not still being manipulated,” Cramer stressed, referring to the disgraced former CEO of the collapsed crypto exchange FTX.

The Mad Money host added: “Believe me, I had been a believer one time in bitcoin. Not here, not now.”

Many social media users view Cramer’s suggestion to sell bitcoin as a buy signal, citing his history of giving poor advice. There is even an inverse Cramer exchange-traded fund (ETF), which seeks to provide investment results that are the opposite of the results of the investments recommended by Cramer.

Following the collapses of Silicon Valley Bank and Signature Bank, clips of Cramer’s Mad Money show resurfaced on social media showing him advising investors to buy stocks of both banks.

Cramer advised investors to buy Silicon Valley Bank stock last month; the bank was shut down by regulators last Friday. He also recommended Signature Bank‘s stock as a good investment in April last year, almost one year before it was closed down by the New York State Department of Financial Services. Tags in this story Jim Cramer, jim cramer bitcoin, Jim Cramer bitcoin manipulated, Jim Cramer crypto manipulated, Jim Cramer recommendations, Jim Cramer Signature Bank, Jim Cramer Silicon Valley Bank, mad money, mad money bitcoin

What do you think about the recommendations by Mad Money host Jim Cramer? Let us know in the comments section below. Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. NFT Sales Dip by 32% in the Last Week, Ordinals Squeeze Into Top 10 Collections via Emblem Vault MARKETS AND PRICES | Mar 5, 2023 Commodity Strategist Mike McGlone Predicts a Recession as Top Catalyst for Gold"s Rise Above $2,000 MARKETS AND PRICES | Feb 24, 2023

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSignature Bank Closure Has Nothing to Do With Crypto, Says Regulator Next articleCentral Bank Digital Currency Transactions to Reach $213 Billion Annually by 2030, Research Shows Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin