Elon Musk Criticizes Jim Cramer for Bitcoin (BTC) Price Reversal

Tech entrepreneur Elon Musk has responded on X, with a post asserting that Jim Cramer, host of CNBC’s Mad Money, has hindered the rise of Bitcoin (BTC). Musk reacted to a post by an account named ‘Sir Doge of the Coin’. “Reverse effect” of Jim Cramer and the volatility of Bitcoin Sir Doge of the Coin’s one-liner, “Jim Cramer too powerful” made Musk laugh and use the 100% emoji. This shows Musk agrees with the post about Cramer’s impact on the world’s leading digital assets’ prices. To clarify, CNBC’s Mad Money host tagged Bitcoin as the ‘winner’ while interacting with a caller in the ‘Lightning Round’ segment of the show. Cramer’s comment, seen as validation for Bitcoin’s surge to a historic $100,000, has shifted. Following Cramer’s remark, Bitcoin reversed and declined in value. This has caused a wave of reactions throughout the ecosystem, with some believing that Cramer’s comments have jinxed this currency. Interestingly, Cramer is known for making comments that defy expectations, leading some investors to always go against his advice, a phenomenon known as “Inverse Cramer”. Cramer’s previous Bitcoin stance Cramer’s comment that Bitcoin is the winner has shocked many because he was skeptical of this currency earlier this year. In January, when BTC fluctuated between $38,000 and $42,000, Cramer suggested that it was time for investors to liquidate their shares and make a profit before it continues to plummet. However, after the launch of Bitcoin futures ETFs, the price of Bitcoin has rebounded strongly. Many people in the financial world have seen his position as anti-Bitcoin. Can Bitcoin escape Cramer’s “curse”? Bitcoin, the currency that investors expect to surpass $100,000, suddenly stopped its price surge 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 has decreased by 9.20% to $49.56 billion as investors remain cautious and uncertain about the next price direction. Market observers believe that the current price of Bitcoin highlights the volatility of cryptocurrencies, which can react quickly to external impacts. The apparent support from Jim Cramer may be seen by investors as a sign of an impending collapse.