Jim Cramer Acknowledges Premature bitcoin Bearish Call, Admits Mistake
Markets commentator and CNBC host, Jim Cramer, has made headlines once again, this time by openly admitting his earlier misjudgment regarding bitcoin. Cramer, known for his outspoken views and fluctuating relationship with cryptocurrencies, tacitly acknowledged that he was wrong about the world’s leading digital asset, expressing regret for prematurely advising investors to sell their bitcoin holdings.
Revelation on CNBC Mad Money Show
The revelation came during a recent segment of Cramer’s CNBC Mad Money show on November 22, when he responded to a caller’s query about investing in CleanSpark, a bitcoin mining company. In a surprising twist, Cramer took a markedly different stance, stating, “Look, if you like bitcoin, buy bitcoin. That has always been my view. And for a while, I liked it, and I decided that money had been made, but I was premature.”
Inconsistent Views and Memorable Incidents
Cramer’s about-face on bitcoin investment advice was a significant departure from his previous stance just a year earlier. On Dec. 5, when bitcoin was trading at a relatively modest $17,150, Cramer urged investors to divest themselves of all their cryptocurrency holdings, regardless of the cost. However, since that call, bitcoin‘s price has experienced a remarkable resurgence, surging by 118%. While Cramer openly admitted his premature judgment on bitcoin, he also noted that despite some missteps in the past, he had managed to profit significantly from his own investments in the cryptocurrency.
Economist Robin Brooks Labels bitcoin a “Pointless Asset,” Citing Federal Reserve Influence
Brooks’ Controversial Statement and Assertion
In a striking critique of bitcoin (BTC), Robin Brooks, the chief economist at the Institute of International Finance (IIF), has ignited a debate by labeling the world’s leading cryptocurrency a “pointless asset.” Brooks attributes bitcoin‘s market movements primarily to Federal Reserve policies rather than its intrinsic value. This controversial statement has emerged as bitcoin surges to a new high of $38,437 on the Bitstamp exchange, marking its highest level since May 2022.
Past Criticisms and Market Behavior
Brooks’ assertion that bitcoin essentially behaves like “just another futures contract on the Fed” implies that the cryptocurrency’s value and market behavior are substantially influenced by the Federal Reserve’s monetary policies, rather than being driven by its own intrinsic merits. The economist suggests that investors might be better off directly engaging with futures contracts that allow them to bet on the Federal Reserve’s monetary policy moves.
Daily chart for BTC/USDT (Source: TradingView)BTC was able to break above the key $38K mark during yesterday’s trading session, but bears capitalized on this strong move quickly. This forced the market leader’s price to close the daily candle off at $37,713.57. In the past 24 hours, the cryptocurrency’s value has risen 0.25%, and stood at $37,806.99 at press time, according to TradingView data.
### News source: coinpaper.com