Financial commentator Jim Cramer, known as the 'Mad Money' of Wall Street, publicly endorsed Bitcoin last week, but unexpectedly, just two days after his bullish remarks, the price of Bitcoin fell by more than 6%, adding another notch to his 'contrarian' record, and he was heavily criticized by the cryptocurrency community.
Faced with external doubts, Jim Cramer continued to support Bitcoin on Tuesday in the CNBC program (Mad Money) and responded to his critics:
A bunch of fools say my recommendation of Bitcoin is a signal that the market has peaked, and some even dug up old accounts from ten or twenty years ago (that were inaccurate) to try to tear me apart.
Although the market reacted strongly, Jim Cramer still firmly believes that Bitcoin should have a place in the investment portfolio. He admitted:
Although there is currently no concrete evidence that cryptocurrencies can withstand economic shocks, at least this story sounds somewhat reasonable.
This 'temporary support but wait and see' attitude is consistent with his investment style.
Jim Cramer's views on Bitcoin have always been swinging, from saying 'to treat Bitcoin as an inheritance for children' to urging investors to 'sell and cash out' and 'exit the cryptocurrency circle', to claiming 'Bitcoin can never be killed', his attitude often leaves people confused.
He stated on the program last Tuesday: "I believe that Bitcoin, Ethereum, and even some other cryptocurrencies are worth having a place in your investment portfolio."
However, he also added an important condition - if the U.S. fiscal deficit is controlled, he might change his view.
"High-profile bullish remarks on Bitcoin, but it fell sharply! Jim Cramer couldn't take the criticism and retaliated" this article was first published on (Block Guest).
