Summary:
Peter Schiff critiques Jim Cramer’s bullish Bitcoin stance, linking it to market tops.
Cramer has been a long-time advocate of Bitcoin, recommending a 10% portfolio allocation.
Bitcoin recently surged past $100,000, but Schiff remains skeptical.
The cryptocurrency experienced a flash crash to $91,990 before recovering.
Staunch Bitcoin (BTC) critic Peter Schiff has raised eyebrows over financial analyst Jim Cramer’s bullish remarks on Bitcoin, which he likens to statements typically made at market tops.
What Happened
Schiff took to X to express his skepticism regarding Cramer’s advocacy for Bitcoin after the cryptocurrency recently surged past $100,000 for the first time. He tweeted:
CNBC's @jimcramer just proclaimed #Bitcoin a can't-lose investment. He said buying it is a no-brainer and compared it to trading on insider information. These seem like the type of statements typically made at market tops!
Cramer celebrated this historic milestone on his popular show, Mad Money, but clarified that he was not suggesting that Bitcoin had reached its peak. He noted that he has been recommending Bitcoin for years, having first invested in September 2020 when it was around $10,000.
Cramer also suggested that Bitcoin could serve as an alternative to gold, proposing that investors allocate 10% of their portfolios to the asset.
However, Schiff interpreted Cramer’s enthusiasm as a signal of a potential market top, echoing his prior skepticism. He previously dismissed the likelihood of Bitcoin ever hitting $100,000 back in 2019, and upon its achievement, attributed it to government interventions and political payoffs.
Price Action
In recent trading, Bitcoin experienced a flash crash to a low of $91,990 before rebounding to $97,710, according to data from Benzinga Pro.
As for Cramer, his reputation in financial circles includes the "Inverse Cramer" phenomenon, where traders believe that doing the opposite of his recommendations could yield profits, although this strategy lacks definitive proof.
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