In an unexpected turn of events, CNBC’s Mad Money host Jim Cramer has once again sparked a heated debate with his recent remarks. On the second day of the new year of 2024, Cramer, a renowned cryptocurrency critic, posed a seemingly innocuous question that resonated with the crypto community.
If everybody knows it is going up because it always goes up when a tightening cycle is over, can it do what everyone expects? Today!!
— Jim Cramer (@jimcramer) January 2, 2024
While Cramer’s question may not carry immediate consequences, Bitcoin enthusiasts, well acquainted with his bearish views on the digital asset, could not help but dissect the potential implications.
Cramer’s skepticism has, in the past, given rise to the “Inverse Cramer” phenomenon, where investors often opt to take the opposite stance to his predictions. This contrarian strategy gained significant traction, leading to the creation of an Inverse Cramer ETF in October 2022 by investment firm TUTTLE.
Bitcoin renews yearly highs
Despite Cramer’s doubting inquiry, BTC is making headlines for its bullish performance. Currently priced at $45,879, Bitcoin has reached its highest value since April 2022, registering a 3% increase on the second day of the year and propelling its market capitalization to an impressive $892.65 billion.
Over the past calendar year, BTC’s capitalization has surged by an astonishing 277%, surpassing the half-trillion-dollar mark.
As the crypto market watches Cramer’s skepticism play out, the question lingers: will the Bitcoin price continue its upward trajectory in 2024, defying the doubts raised by one of its most vocal critics?
