Jim Cramer, the host of Mad Money, says despite bank failures and people not trusting banking systems and the Federal Reserve, he still suggests that we should sell Bitcoin. He stated “Bitcoin is a strange animal” and its price “is being manipulated up.”
Jim Cramer’s Past Advice Costs There Price
The host of a show on CNBC called Mad Money, Jim Cramer, has recommended to sell bitcoin when its price went up after many big banks struggled. Jim Cramer used to be a hedge fund manager and co-founded a website called Thestreet.com which provides financial news and teaches people about money matters.
Someone asked a question on Monday night’s Mad Money show asking if people not trusting in banks and the Federal Reserve means that buying Bitcoin is now a good idea. Jim Cramer answered by saying that even though the price of Bitcoin has gone up, he actually thinks it’s getting manipulated and he would advise against buying any of it.
Sam Bankman-Fried is still manipulating Bitcoin, even though the former CEO of the crypto exchange FTX was disgraced. Jim Cramer wants you to be aware that it’s still being manipulated and he used to believe in bitcoin but not anymore.
Some social media users are using Cramer’s suggestion to sell bitcoin as a sign to buy it because he has given bad advice in the past. There is even an ETF designed around this intention of going against what Cramer suggests, which seeks to give different investment results from what he recommends.
Recently, clips from his show Mad Money have popped up on social media, showing Cramer encouraging people to invest in stocks for both Silicon Valley Bank and Signature Bank before their collapses.
Last month, Jim Cramer from Mad Money TV asked people to buy stock of Silicon Valley Bank. Unfortunately, the bank got closed by regulators last Friday. A year before that, in April 2019, he also recommended buying stock of Signature Bank. Later on, it was also shut down by New York State Department of Financial Services. What do you think about his investments tips? Let us know what you think below!