Jim Cramer, host of Mad Money on CNBC bitcoin He talked about the big rally recorded in the price. After the bankruptcy news from the US side, investors who continue their search for a ‘safe haven’ continue to wait excitedly. As a matter of fact, Cramer does not seem to be convinced about cryptocurrencies after the latest developments.
Speaking on the last episode of Mad Money Jim Cramerstated that he is skeptical of the recent rally in Bitcoin price. When asked if he thinks this rally is good for the biggest cryptocurrency, Cramer replied “No”.
Cramer then went on to explain the rationale behind the bearish trend for BTC. “I would argue that it cannot be kept in banks,” Cramer said, arguing that Bitcoin’s decentralized nature makes it difficult to regulate and control.
Cramer: “Bitcoin is a ‘Wild Animal’”
Cramer, who likens Bitcoin to a wild animal, said that large institutions and wealthy investors cryptocurrency expressed his belief that he could manipulate the market. The famous presenter also referred to Cindy Bank, who is believed to have been manipulated. “Please don’t assume that you still haven’t been manipulated,” Cramer warned his audience.
The FED Statement the Crypto Market Has Been Waiting For Has Arrived: What Will Be The Next Move!
Finally, Cramer offered his advice to anyone who might have invested in Bitcoin during this rally. “I would sell my BTCs during this rally,” he said. “Believe me, I never once believed in BTC, not here, not now.”
bitcoin price It has risen 20% since Friday’s lows to about $25,000. The spike was due to US officials’ assurances that deposits in failed Silicon Valley and Signature banks would be protected. This in turn has led to a rally in crypto-related companies along with major cryptocurrencies. However, the collapse of these banks is expected to cause a significant slowdown in the Fed’s rate hikes, and no more rate hikes are seen as the most likely scenario.
Crypto Markets Have Been Waiting For This Disclosure: Are US Banks Safe?
You can follow the current price action here.