- Jim Cramer, The host of CNBC’s Mad Money, believes that Bitcoin’s recent price surge is the result of continuous market manipulation.
- Cramer claims that Sam Bankman-Fried is engineering Bitcoin’s price pump, and proceeded to imply that holders sell their Bitcoins right into the current price rally.
The past week has not been easy for cryptocurrency investors and traders alike, as ongoing events in the market took off at a time when Bitcoin and all the cryptocurrencies were nursing a bearish attack. Onlookers have been curious to know what key players think of the current situation at hand, and how it might be affecting the apex cryptocurrency Bitcoin.
In response to this question, a CNBC host has put forward concerning feedback on what he thinks is going on in the Bitcoin market. Jim Cramer, the host of CNBC’s Mad Money gave this feedback in response to the question of whether or not the current issues troubling the traditional market are providing an investment case for Bitcoin.
Cramer who disagreed went on to acknowledge that the price of the leading cryptocurrency surged today, and as such, Bitcoin cannot be held in banks. He proceeded to say that the price of the asset is being manipulated upwards and that the manipulation is been engineered by Sam Bankman-Fried.
Jim Cramer thinks this is the best time to sell Bitcoin
As far as holding Bitcoin at this time, Cramer implies that selling Bitcoin right into the current rally is a move he would make.
Although there’s no telling if he himself holds the asset at this time, with his bearish stance on Bitcoin, it is likely that there’s little to no Bitcoin under his possession. He said in response to the question.
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. It was being manipulated the whole time by Sam Bankman-Fried. So please don’t assume, therefore, that it’s not still being manipulated. And I would sell my bitcoin right into this rally.
Sam Bankman-Fried was the CEO and co-founder of the now-bankrupt cryptocurrency exchange FTX. The entrepreneur has been a topic of conversation in the cryptocurrency industry since the FTX controversy began to build up. Fried was arrested back in January, following criminal charges filed by U.S. prosecutors. He currently awaits trial, which was scheduled for the 2nd of October.
This is not the first time that Jim Cramer has sounded a warning to crypto holders about selling their positions in the market. Back in December of 2022, he predicted that the market would collapse in 2023, and advised investors to make a quick exit, remaking that it was “never too late to sell an awful position.” Cramer also predicted that assets like Dogecoin, Cardano, Polygon, and XRP will crumble to zero.
Meanwhile, Bitcoin has made a notable price recovery, with the asset breaking the $26,000 price mark, as the U.S. inflation rate comes in at 6%.
