Bitcoin is the most expensive in over 9 months! Jim Cramer advises to sell BTC
Jim Cramer once again warns investors against investing in Bitcoin and expresses his doubts about cryptocurrencies as a phenomenon.
Jim Cramer, the popular host of CNBC's Mad Money, expressed his skepticism about Bitcoin's recent over 20 percent increase in value. Despite the fact that BTC is recording higher and higher levels, Cramer remains unconvinced about the entire cryptocurrency sector. His arguments focus on the difficulties around regulation and the impossibility of top-down control of Bitcoin due to its decentralized nature. In addition, Cramer stated that the main cryptocurrency's price is being manipulated by large institutions and wealthy investors.
Cramer suggests selling BTC during the ongoing price rally
Cramer warns investors who are thinking of investing in Bitcoin during the ongoing rally. He encourages them to be careful and not assume that BTC is not manipulated. Instead, he suggests that investors sell their virtual tokens as soon as possible in this rally. For Cramer, Bitcoin is a "strange animal," which could be interpreted as a further expression of his skepticism about the entire cryptocurrency market.
It is worth paying attention to the background in which this statement was made. Bitcoin's rise in value is driven by US authorities' assurances that deposits at failing Silicon Valley and Signature banks will be protected. This action eased some of the already record-high concern, as we have already had high-profile US bank failures in recent years. However, Cramer seems to doubt whether Bitcoin is a good choice as a safe haven in this crisis situation.
This is not the first time that Jim Cramer has announced that he is not convinced about Bitcoin and expresses serious doubts about digital currencies as a whole. His arguments focus on the difficulty of regulation and control, as well as the widespread perception that the major cryptocurrency is being manipulated by large financial institutions and wealthy investors.
In this context, Cramer suggests selling BTC directly during this price spike. However, it is worth remembering that this statement should be considered in the context of the current market situation and may vary depending on changing circumstances.
– If I had them, I would sell my Bitcoins on this rally. Trust me, I didn't believe in Bitcoin before, I don't believe in it now.