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May 27, 2024
PI Global Investments

Jim Cramer Now Says BTC is “Topping Out” Ahead of Expected Bitcoin ETF Approval

A signal historically associated with inverse bets may spell good days ahead for bitcoin (BTC) bulls as investors in the world’s largest cryptocurrency await a key regulatory for an exchange-traded fund (ETF) product in the U.S.

Jim Cramer, a former hedge fund manager and host of CNBC’s Mad Money, affirmed in a TV segment Monday that bitcoin was “topping out,” just days after he claimed bitcoin was “here to stay.”

“Let’s stop fooling around. You want bitcoin, buy bitcoin. (But) I think bitcoin is topping out,” said Cramer. Bitcoin added as much as 8% on Monday before giving back some gains, reaching as high as $47,100 for the first time since April 2021.

Cramer’s picks have the tendency to move in the opposite direction, a meme that has even sparked the creation of an Inverse Cramer ETF. The instrument is designed for exclusively shorting assets mentioned by the personality on his popular show.

As such, Cramer has been generally bearish on bitcoin in the past years. In early October, amid the Sam Bankman-Fried trial, he said. “Mr Bitcoin is about to go down big.” Prior to that, Cramer said he had sold most of his bitcoin holdings in 2021 after the China mining crackdown.

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