CNBC’s Mad Money host Jim Cramer caused a stir in the crypto community today after unexpectedly praising Bitcoin during his show’s Lightning Round.
However, Cramer’s bullish comments left many investors uneasy rather than excited, and skeptics saw Cramer’s praise as a sign of a potential downturn.
“I have to say this is a Bitcoin business, I really would rather own Bitcoin,” Cramer said when asked about MicroStrategy, the Bitcoin acquisition firm run by Michael Saylor. Cramer noted that Citron Research recently shorted MicroStrategy, suggesting that investing directly in Bitcoin is a better option: “All I can tell you is, buy Bitcoin. That’s a winner.”
Cramer’s comments represent a dramatic shift from his previous skepticism of cryptocurrencies. In January, he acknowledged Bitcoin’s resilience to regulatory pressures, calling it a “technological miracle.” Despite this change of tone, his history with Bitcoin has been controversial. Cramer previously said he would sell his Bitcoin and Ethereum holdings to buy a farm and a boat in 2022, but later admitted the sale may have been “premature.”
Cramer’s endorsement sent the crypto community on Twitter into a frenzy, with many investors ironically interpreting his words as a bearish signal.
“In other words, the bull market has signed its death certificate,” analyst Jacob King wrote.
*This is not investment advice.
