Guess who said Bitcoin looked like a ‘marvel’ just before this week’s flash crash

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Last Updated on 6 January 2024 by CryptoTips.eu

In the crypto world it has been known for years that you should always do the opposite of what Jim Cramer advises when it comes to Bitcoin. In the regular media they have also recently discovered this fact. The ultimate counter-indicator for Bitcoin predictions of the past two years did his job perfectly this week.

When he stated on CNBC that you ‘can’t kill Bitcoin’ and that it was a ‘technological marvel’, many crypto commentators started getting nervous.

And yes, several hours later we experienced an 8% drop. Once again, you all know what to do next time.

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Vice

Jim Cramer has been making financial predictions on American television for twenty years. So it’s normal for him to be wrong a few times. During the 2007-2008 financial crisis, there was a legendary moment where he raged on his show, explaining that Bear Stearns, a major US bank, would be ‘totally fine’. Six days later the company went bankrupt.

YouTube video

During an interview with Sam Bankman-Fried in 2022, Jim called him a “visionary.” FTX went bankrupt a few months later.

But when it comes to Bitcoin, his sense of price is now legendary. Even the American magazine Vice did a piece earlier this week about the ultimate Bitcoin counter-indicator.

In 2020 and 2021, Jim Cramer was a real Bitcoin bull. He bought a lot of it, saw his investment double and then sold it all at the end of 2021. After that he changed his mind and predicted several times that Bitcoin would go to zero.

Funnily enough, just about every prediction since that moment has coincided with a new bull run for Bitcoin.

But whenever Cramer is hyper positive about Bitcoin, crypto fans start to panic.

This week he was once again incredibly positive about Bitcoin. A few hours later the price dropped by 8%. Most of that loss has now been recovered by the largest digital currency, but again, you know what to do next time.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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