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TV personality and founder of hedge fund Cramer & Co. Jim Cramer called the decline in Bitcoin a “nasty beginning to the sell-off”.
In his post in X on Jan. 19, Cramer doubted the prospects for further growth of the first cryptocurrency. As an argument, he noted that an asset cannot double in price by hundreds of billions in anticipation of an ETF.
Nasty beginning to the bitcoin selloff. Someone's probably going to try to make a stand here but as we said last night you can't have an asset double in value by hundreds of billions of dollars in anticipation of an ETF and then almost no one shows up
— Jim Cramer (@jimcramer) January 18, 2024According to Cramer, well-known investor and trader Larry Williams warned him against buying digital assets because “the market is very far from the bottom of cryptocurrencies.”
Users of social networks consider Cramer a kind of “indicator” whose predictions, in the vast majority of cases, do not come true. Many in the community note that these assumptions tend to move in the opposite direction.
As a result of many erroneous predictions in the cryptocurrency world, the Inverse Cramer Tracker ETF even appeared, which is not affiliated with Jim Cramer, but is based on his predictions. The fund seeks to provide investment results approximately the opposite of what Jim Cramer usually says.
For example, in October 2023, Cramer said he would not invest in Bitcoin due to the downside risk. Two months after these statements, the Bitcoin rate surpassed $44,000, and the annual growth of the asset amounted to 140%.
Then, in January 2024, Cramer called $47,000 the peak price for Bitcoin. A few days later, the rate of the first cryptocurrency broke through $48,500 amid the start of trading on spot ETFs.
