Elon Musk Mocks Bitcoin's Crash After Cramer's Bullish Call
Elon Musk couldn't resist reacting to Jim Cramer's latest remarks on Bitcoin, as the cryptocurrency's price began sliding shortly after the CNBC host's bullish endorsement. Known for his polarizing opinions, Cramer’s take on Bitcoin has often been viewed as a contrarian indicator by the crypto community, leading to the creation of the term “Inverse Cramer.”
Jim Cramer, the well-known host of CNBC’s Mad Money, is infamous for his financial advice, particularly when it comes to cryptocurrencies. While his tips often spark debate, many crypto traders have found success by doing the opposite of his recommendations. In the latest episode of Mad Money, Cramer labeled Bitcoin as a “winner” and urged viewers to buy. Almost immediately, Bitcoin’s price started to dip, prompting Dogecoin enthusiasts to poke fun at his influence on the market.
A popular Dogecoin-affiliated X account joked about Cramer’s ability to influence the market, tweeting, “Jim Cramer is too powerful.” Tesla CEO Elon Musk joined in, responding with a laughing emoji, seemingly agreeing with the sentiment.
Meanwhile, Bitcoin's price dropped to $96,388, down 1.2% in the last 24 hours, as the market processed both Cramer’s comments and broader macroeconomic conditions. However, despite the short-term price action, institutional interest in Bitcoin continues to rise.
Charles Schwab, one of the largest financial institutions managing over $8.5 trillion in assets, recently revealed plans to enter the crypto space. The incoming CEO admitted to feeling regret over not investing in crypto earlier and confirmed the company’s intention to explore spot crypto products. Such statements from financial powerhouses are fueling long-term bullish sentiments, even as short-term volatility persists.
Additionally, market rumors suggest that MicroStrategy might be preparing to purchase over 80,000 Bitcoins this weekend, adding to the excitement surrounding Bitcoin’s future.
As institutions like Schwab signal growing interest and adoption, Bitcoin’s price movement remains under close watch. Musk’s lighthearted jab at Cramer, coupled with these institutional developments, only adds to the dynamic narrative surrounding Bitcoin's trajectory.
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Disclaimer: This article contains third-party opinions and is for informational purposes only. It does not constitute financial advice.
