In January 2024, Jim Cramer predicted that bitcoin (BTC) had likely reached its peak and suggested exiting the market. Since then, the asset has surged more than 100%.
On the latest segment of CNBC’s Mad Money on Monday night, former hedge fund manager Jim Cramer recommended owning bitcoin (BTC) but cautioned against investing in its largest public holder, MicroStrategy.
“If you want to own bitcoin, own bitcoin,” Cramer stated when responding to a viewer’s query. “I own bitcoin, you should own bitcoin. Bitcoin is a great asset to have in your portfolio.”
However, he added, “But not MicroStrategy.” He did not provide further details or reasoning behind his view. As of Monday, MicroStrategy holds over 417,000 bitcoin, valued at over $48 billion, making it the largest institutional holder of the cryptocurrency.
Despite Cramer’s skepticism towards MicroStrategy, there may be a reason for optimism for its supporters and bitcoin bears alike. Cramer’s picks have historically shown a tendency to move contrary to his recommendations, and his advice is often linked to contrary market movements. In fact, an internet meme theory called “Inverse Cramer” even led to the creation of a short-lived Inverse Cramer ETF in 2022, which shut down in early 2024.
BTC was trading just above $103,000 during Asian morning hours on Monday, marking a 4% increase since the previous day.
