Tech entrepreneur Elon Musk reacted on X, with a post suggesting that Jim Cramer, the host of CNBC's Mad Money, has hindered Bitcoin's (BTC) price increase.
Musk responded to a post from an account with the username "Sir Doge of the Coin." The one-liner post from Sir Doge of the Coin, "Jim Cramer is too powerful" made Musk laugh and added a 100% emoji.
This indicates Musk agrees with the post about Cramer's impact on the price of the world's leading digital asset. To clarify, the host of CNBC's Mad Money tagged Bitcoin as a "winner" while interacting with a caller in the show's "Lightning Round" segment.
Cramer's comments, viewed as an endorsement for Bitcoin's strong rally to the historic $100,000 mark, have shifted.
Immediately after Cramer's comments, Bitcoin reversed and dropped in price. This sparked a wave of reactions across the ecosystem, with some claiming Cramer's comments had cursed the currency.
Interestingly, Cramer is known for making comments that break expectations. This causes 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 that Bitcoin is a winner shocked many as he had been skeptical about the currency earlier this year.
In January, when BTC fluctuated between $38,000 and $42,000, Cramer suggested it was time for investors to liquidate their positions and take profits before it continued to plummet.
However, after the launch of spot Bitcoin ETFs, the price of Bitcoin rebounded strongly. Many in the financial community have viewed his stance as anti-Bitcoin.
Can Bitcoin escape Cramer's "Curse"?
Bitcoin, the currency 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 dropped by 9.20% to $49.56 billion as investors were cautious, uncertain about the next price direction.
Market observers suggest the current price of Bitcoin highlights the volatility of the cryptocurrency, which can react quickly to external influences. Jim Cramer's apparent support may be seen by investors as a sign of an impending collapse.
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