While Bitcoin investors are curious about when the rise will start, statements from key figures in the market continue to attract attention. Jim Cramer, known as the contrarian indicator of the market, made unexpected comments about Bitcoin and also made an interesting remark about MicroStrategy.
Jim Cramer and BTC
Jim Cramer, known worldwide for being a contrarian indicator in cryptocurrencies, stated that Bitcoin (BTC) is a better investment compared to MicroStrategy (MSTR) shares, spreading fear across the market.
In the latest episode of Mad Money aired on CNBC, Cramer made significant statements. He advised investors that if they want to invest in Bitcoin, they should buy Bitcoin directly, and made remarks against Michael Saylor’s MicroStrategy Inc. MicroStrategy is known for its close ties to Bitcoin and its massive BTC investments.
Cramer is generally known for his incorrect statements. More importantly, his negative comments about Bitcoin often lead to rallies, earning him the nickname of a contrarian indicator.
This time, Cramer drew attention with his comments about MicroStrategy shares. Despite MSTR shares increasing by 87% since the beginning of the year, he pointed out that Bitcoin’s 130% gain since the beginning of the year makes it more attractive. As of the time of writing, MSTR continues to trade at $1,270.
MicroStrategy and Bitcoin View
Michael Saylor, who bought 12,000 Bitcoins at $68,477 each, paying $821 million, continues his purchases despite BTC reaching an all-time high of $73,737. Additionally, the price movement of Bitcoin after reaching its all-time high has been inconsistent due to Bitcoin Spot exchange-traded funds (ETFs).
Grayscale, one of the largest Bitcoin ETF management organizations, faced significant exits from positions based on BTC ETF fees, while Bitcoin ETFs recently launched in Hong Kong experienced larger debt repayments than deposits for three consecutive days. On May 13, 2024, 519.5 Bitcoins were issued, limiting the total number of Hong Kong Bitcoin ETFs to 3,560.
