- Jim Cramer’s bullish Bitcoin prediction stirs controversy, as his past market calls often lead to the opposite outcome.
- Bitcoin continues its recovery, rising 3.82% in 24 hours, with MicroStrategy adding 10,107 BTC to its growing stash.
- Bitcoin could reach $170K–$200K by 2025, but Arthur Hayes warns of a possible dip to $70K before a major rally.
Jim Cramer from CNBC’s show Mad Money has been causing a stir in the crypto community. Cramer’s bullish stance on Bitcoin is no stranger to controversy; he’s known for the Inverse Cramer Effect, where his predictions often have the exact opposite results. A former hedge fund manager, his failure to predict the market also has brought some into doubt about his credibility.
Cramer’s Bitcoin Endorsement
A cryptocurrency, Bitcoin is ‘great thing to have’ in a portfolio, according to Cramer, who advised people to own the cryptocurrency. But his penchant for wild prediction means many are dubious of his latest claim. A few days ago, Cramer predicted Nvidia shares were ‘breaking out’ but on Monday, Nvidia’s stock dropped 17%. After the Nvidia plunge, Tesla CEO Elon Musk, who is not a stranger to jabs at Cramer, fired back with a sarcastic, “No kidding.” Musk comments reflect the increasing skepticism about Cramer’s ability to predict when markets will move.
However, the wider crypto market has remained bullish following Cramer’s reported ‘Bitcoin is garbage’ comments. Bitcoin gained 3.82 % in the last 24 hours and is priced at $102,747.94. However, the past week also shows the digital asset gaining 0.82 and 8.23 in the past the past 30 days also recording recovery from recent downturn. The resilience is providing hope to many investors and it comes in light of recent market instability.
Interest in BTC remains strong from institutions. The business intelligence company, led by Michael Saylor, has recently purchased another 10,107 BTC. So far, this brings the company to a total of 471,107 BTC with a value of about $30.4 billion. The market has been buoyed by this after MicroStrategy has already had a 2.90% return off its BTC investment this year.
Bitcoin’s Long-Term Potential
However, other crypto experts, like Matt Hougan, Chief Investment Officer at Bitwise, also see a future where Bitcoin is a good investment. BTC has always rebounded after declines, and Hougan also noted that the returns tend to be greater. BTC could hit between $170,000 and $200,000 by 2025, according to the Power Law Model predictions.
However, caution is advised. Former CEO of BitMEX Arthur Hayes warned of a mini-financial crisis that will see BTC’s price hit $70,000 temporarily before any real rally. Investors are being encouraged by experts to do a full research and weigh their risks before investing to the market’s volatility. With one statement from Cramer, or any other figure, market sentiment can shift quickly, so careful thought is needed.