• Jim Cramer, host of CNBC’s Mad Money, claims Bitcoin is being manipulated up.
• In response to a question about whether recent distresses to traditional banks offer an investment case for Bitcoin, Cramer said no and that he thinks it is being manipulated up.
• Despite Cramer’s previous support for Silicon Valley Bank, there has been a surge in Bitcoin price following the announcement by U.S. authorities that deposits in failed banks would be protected.
CNBC Host Jim Cramer Claims Bitcoin Is Being „Manipulated Up“
CNBC host Jim Cramer made the comment that Bitcoin (BTC) is being „manipulated up“ when asked if recent distresses to traditional banks offer an investment case for Bitcoin. Despite his previous support for Silicon Valley Bank (SVB), there has been a surge in BTC price following the announcement by U.S. authorities that deposits in failed banks would be protected.
Cramer’s Response To Investment Case For BTC
In response to the question about whether stress on the banking system and the federal reserve strengthens the investment case for BTC, Cramer responded: „No. Bitcoin went up today, and I could argue that now it can’t be held in banks. Bitcoin is a strange animal, I will say point blank, I think it’s being manipulated up.“
Inverse Call By Jim Kramer
Jim Cramer has been known to make an inverse call — even spawning several memes and even indexes based on picking the opposite of what Cramer recommends Quantbase’s Inverse Cramer Index is up 105.31% vs benchmark since its launch March 31st 2017.
Bitcoin Price Surge Following Announcement Of Bailouts
Following the announcement by U.S authorities that deposits in failed banks would be protected, BTC price surged to nearly $25,000 — representing a 20% increase since Friday’s lows — causing a rally among major cryptocurrencies and crypto-related companies. However, this collapse of these banks may result in a significant slowdown of Fed rate hikes with no further rate hikes expected going forward
Jim Craemer believes that Bitcon is currently being manipulated up despite his previously expressed support for Silicon Valley Bank (SVB). Following news from US authorities announcing bailouts of SVB and Signature – two major lenders -the price of Bitcon surged 20%, resulting in a rally among other major cryptocurrencies and crypto-related companies