Tech entrepreneur Elon Musk responded on X, with a post claiming that CNBC Mad Money host Jim Cramer had stopped Bitcoin (BTC) from rising. Musk responded to a post from an account with the username “Sir Doge of the Coin.”
Jim Cramer's "Backlash Effect" and Bitcoin Volatility
Sir Doge of the Coin’s one-line post, “Jim Cramer is too powerful,” drew 100% laughter and emojis from Musk, suggesting that Musk agreed with Cramer’s post about the impact it had on the price of the world’s top digital asset.
To clarify, CNBC's Mad Money host tagged Bitcoin as a 'winner' while interacting with a caller in the show's 'Lightning Round' segment. Cramer's comments, seen as a testament to Bitcoin's strong rally towards the historic $100,000 mark, have changed. Right after Cramer's remarks, Bitcoin reversed and dropped in price.
This has caused a wave of reactions across the ecosystem with some claiming that Cramer's comments have cursed the coin. Interestingly, Cramer is known for making comments that defy expectations. This has led some investors to always do the opposite of his advice, a phenomenon known as 'Inverse Cramer.'
Cramer's previous stance on Bitcoin
Cramer's comment about Bitcoin being a winner shocked many as he had been skeptical about the coin earlier this year. In January, when BTC fluctuated between $38,000 and $42,000, Cramer suggested that it was time for investors to liquidate their holdings and take profits before it continued to plunge.
However, after the launch of spot Bitcoin ETFs, the price of Bitcoin rebounded strongly. Many in the financial world have viewed his stance as anti-Bitcoin.
Can Bitcoin escape Cramer's 'Curse'?
Bitcoin, the coin that investors expect to surpass $100,000, suddenly halted its price increase at $97,518.62 and continued to decline.
As of the time of writing, the price of BTC has dropped 2.32% to $96,378.53 in the past 24 hours. Similarly, market volume has decreased by 9.20% to $49.56 billion as investors are cautious, uncertain about the next price direction.
Market observers believe that the current price of Bitcoin highlights the volatility of the cryptocurrency, which can react quickly to external impacts. Jim Cramer's apparent support may be seen by investors as a sign of an impending crash.
