Despite Bitcoin (BTC) price rising +10.34 in the last 24 hours, Jim Cramer claimed that BTC is being “rigged”.
On the heels of the bailouts of SVB and Signature, two major lenders in the US, Cramer says there is no foreseeable use case for Bitcoin.
In response to a question about whether stress on the banking system and the federal reserve strengthens the investment case for BTC, Cramer responded:
“No. Bitcoin went up today, and you could argue that it can’t be kept in banks now. Bitcoin is a strange animal, I will say. Point blank, I think it’s being manipulated. It was being manipulated all along by Sam Bankman-Fried. By So don’t assume, therefore, that you’re not being rigged yet, and I would sell my bitcoin outright on this rally.
Cramer’s previous support for Silicon Valley Bank
Cramer recently supported Silicon Valley Bank (SVB), telling viewers of his ‘Mad Money’ show last month to buy shares in the now-defunct bank.
However, Cramer has been known to make a reverse call, even spawning various memes and even indexes based on choosing the opposite of what Cramer recommends.
Quantbase’s Inverse Cramer Index is up 105.31% against the benchmark since its launch on March 31, 2017.
(Source: quantitative basis)
Bitcoin Reverse Cramer Rise
Following the announcement by the US authorities that deposits in failing banks would be protected, the price of BTC rose to almost $25,000, which is a 20% increase from Friday’s lows. The price surge sparked a rally among major cryptocurrencies and crypto-related businesses.
However, the collapse of these banks is anticipated to result in a significant slowdown in Fed rate hikes, and further rate hikes are now considered unlikely.
Contributor at CryptoSlate
Dorian Batycka is a journalist interested in art and technology. He has previously contributed to CoinDesk, Decrypt, Artforum, Artnet News, Art Newspaper and many others. He can be found on Twitter and Instagram @temp_projects, where he often memes through news, scandals, and current art and financial events.
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