Elon Musk recently reacted to Jim Cramer's advice on Bitcoin, saying he's powerful in the volatile money market with his suggestions. Cramer, a popular TV personality and host of CNBC's Mad Money, had said that Bitcoin is a winner and suggested people buy it. However, his advice on cryptocurrencies is often considered bad, and some people have even made profits by doing the opposite of what he suggests, earning him the nickname "inverse Cramer".
Musk responded to Cramer's statement with a laughing emoji, implying that Cramer's influence on the market is significant. The current trade price of Bitcoin is $96,388, which is 1.2% down over the last 24 hours. Despite this, institutional adoption of Bitcoin is increasing, with Charles Schwab's incoming CEO stating that they will get into spot crypto.
It's worth noting that Cramer's advice is often seen as a contrarian indicator, with some investors using his statements as a signal to do the opposite. This phenomenon has been dubbed the "inverse Cramer" effect.
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