Jim Cramer, market commentator and popular media personality, expressed concerns on Wednesday that a “cabal” is attempting to keep Bitcoin (CRYPTO: BTC) above $90,000, while also criticizing derivatives.
Cramer Likes Bitcoin
In an X post, Cramer suspected that a “cabal” is propping Bitcoin above $90,000, implying that he expected further downsides for the apex cryptocurrency.
“I like Bitcoin but I do not like any of the derivatives created to play it or game it or mine it.” the host of CNBC’s “Mad Money” segment said.
The Supporters And Critics
Richard Farr, Chief Market Strategist for Pivotus Partners, agreed with Cramer, suggesting a “major marketing push.”
“They have to keep the price up so the levered players aren’t forced to sell,” Farr added.
See Also: Robert Kiyosaki Predicts Bitcoin Will Soar to $250,000
However, Dave Weisberger, market analyst and co-founder of CoinRoutes, disa, suggesting that the current selling of Bitcoin is a “normal volatility,” likely caused by distribution from early Bitcoiners who have achieved financial security to investors who understand the investment case.
“In short, you either have it backwards or just dont understand what is happening,” Weisberger said.
To Bet For Or Against Crypto?
Regardless, Cramer’s post sparked sarcastic replies invoking the “Inverse Cramer” strategy, where investors bet against his recommendations. There has been no definitive proof of this being a profitable strategy, though.
This isn’t the first time Cramer has expressed his views on Bitcoin. Last month, he compared the current cryptocurrency market to the dot-com bubble of 2000, cautioning investors to reduce exposure.
Cramer previously advocated for Bitcoin as a hedge against the escalating U.S. national debt, stating that he was buying a lot himself. He expressed his concerns about the future of the U.S. economy amid a worsening debt crisis.
Price Action: As of this writing, Bitcoin was trading at $92,377.34, up 0.38% in the last 24 hours, according to data from Benzinga Pro.
Photo courtesy: katz / Shutterstock.com
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