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Reading: Jim Cramer Advises Direct Bitcoin Investment Over MicroStrategy
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COINTURK NEWS > Bitcoin (BTC) > Jim Cramer Advises Direct Bitcoin Investment Over MicroStrategy
Bitcoin (BTC)

Jim Cramer Advises Direct Bitcoin Investment Over MicroStrategy

In Brief

  • Cramer advises direct Bitcoin investment over MicroStrategy shares.

  • MicroStrategy shares increased by 87% this year, Bitcoin by 130%.

  • Grayscale faced significant exits from BTC ETF positions.

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COINTURK NEWS 12 months ago
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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.

Contents
Jim Cramer and BTCMicroStrategy and Bitcoin View

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.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 15 May, 2024 - 5:04 am 15 May, 2024 - 5:04 am
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