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