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‘Mr. Bitcoin Is About to Go Down Big’: Jim Cramer Expects Lower Prices
Cramer in 2021 said he sold most of his bitcoin holdings.
Updated Oct 11, 2023, 3:08 p.m. Published Oct 11, 2023, 3:08 p.m.
Former hedge fund manager and host of CNBC’s Mad Money, Jim Cramer Tuesday evening continued with his recent bearish stance on crypto, a stark contrast to what another hedge funder said earlier that day on CNBC.
“I can’t go out with gold because gold is not good; I can’t go out with bitcoin [BTC] because I can’t be in something where Mr. Bitcoin is about to go down big,” said Cramer.
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It’s unclear if “Mr. Bitcoin” was in reference to the ongoing trial of Sam Bankman-Fried, or to bitcoin in general, but Cramer’s bearishness was evident.
Although bitcoin is far off its all-time high of $68,000 reached in 2021’s bull market, the cryptocurrency is still trading up 68% since the start of the year.
Cramer had previously stated in June 2021 that he had sold most of his bitcoin holdings following China’s crackdown on crypto miners. He also said during the same time period that bitcoin had structural issues and its price would likely fall further.
Appearing on CNBC earlier on Tuesday, billionaire hedge fund giant Paul Tudor Jones said he’s a fan of both bitcoin and gold due to the combination of extensive geopolitical risk and rising U.S. government debt levels.
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