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Serial tech entrepreneur Elon Musk has reacted on X, to a post suggesting that Jim Cramer, CNBC Mad Money host has halted the bullish run on Bitcoin (BTC). Musk reacted to a post by an account with the user name, “Sir Doge of the Coin.”
The Jim Cramer “Inverse Effect” and Bitcoin Volatility
Sir Doge of the Coin’s one line post, “Jim Cramer is too powerful” elicited a laughing face and 100% emoji from Musk. This suggests that Musk agrees with the post on Cramer’s effect on the price of the leading world digital asset.
For clarity, CNBC Mad Money host tagged Bitcoin a “winner” while interacting with a caller on his show’s “Lightning Round” segment. Cramer’s comment, seen as an endorsement of Bitcoin’s bullish surge to the historic $100,000 milestone, has taken a twist. Shortly after Cramer’s comment, Bitcoin flipped and declined in price.
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This has triggered a wave of reactions across the ecosystem with some suggesting that Cramer’s comments jinxed the coin. Interestingly, Cramer has been known to make comments that shatter expectations. This has led some investors always to do the opposite of his advice, a phenomenon known as “Inverse Cramer”.
Cramer’s Previous Bitcoin Stance
Cramer’s comment on Bitcoin being a winner came as a shock to many given his skepticism on the coin earlier this year. In January when BTC fluctuated between $38,000 and $42,000, Cramer had suggested it was time for investors to liquidate their holdings and get profit before it crashes further.
However, after the spot Bitcoin ETFs were launched, Bitcoin posted a huge price recovery. Many in the financial circle have come to view his stance as anti-Bitcoin.
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Can Bitcoin Shake off Cramer’s “Curse”?
Bitcoin, which investors were expecting to cross $100,000, suddenly stopped its bullish climb at $97,518.62 and has continued on a downward path.
As of this writing, BTC’s price has slipped by 2.32% to $96,378.53 within the last 24 hours. Similarly, market volume has dipped by 9.20% to $49.56 billion as investors apply caution, uncertain of the next price direction.
Market observers maintain the current Bitcoin price highlights the volatility of cryptocurrency which can react quickly to outside influence. Jim Cramer’s seeming endorsement might have been read by investors as a sign of impending crash.
