Jim Cramer’s Bitcoin Prediction: Prepare for a Sharp Drop – Best Counter Indicator?

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Fredrik Vold

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Fredrik Vold

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October 23, 2023 04:29 EDT

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Jim Cramer, the well-known host of CNBC’s Mad Money show, has raised eyebrows with his recent Bitcoin (BTC) forecast.

Known for his sometimes erratic and often wrong financial predictions, Cramer shared his skeptical outlook on number one cryptocurrency during a recent guest appearance on the TV network’s popular show Squawk on the Street.

After dismissing gold as an investment option, Cramer turned his attention to Bitcoin, and his comments conveyed a sense of pessimism:

“I can’t be in something where Mr. Bitcoin is about to go down big,” the TV host said.

"None of the billionaires who come on, it's not their job to help people make money."

While Paul Tudor Jones tells @CNBC that the U.S. is in its weakest position since WWII, @jimcramer & @carlquintanilla discuss whether it's possible to accrue wealth in today's market. pic.twitter.com/ELztg9fzs8

— Squawk on the Street (@SquawkStreet) October 10, 2023

The reference to “Mr. Bitcoin” wasn’t entirely clear, leaving room for interpretation.

For instance, it wasn’t evident whether the comment was linked to the ongoing trial against disgraced former FTX CEO Sam Bankman-Fried, or something or someone else.

Nevertheless, Cramer’s sentiments lean toward a bearish outlook for Bitcoin’s future.

Lenin & Trotsky

Cramer, who is widely known in the financial community as a sort of contrarian indicator, continued by discussing billionaires and delving into curious historical events involving Vladimir Lenin and Leon Trotsky.

He highlighted the perceived perilous nature of the current era and emphasized his role as a financial advisor, providing investment advice even when choices seem limited.

Cramer’s stance on crypto, particularly Bitcoin, has historically been bearish, often citing regulatory concerns in the United States.

The spot price of Bitcoin has remained above the $27,000 mark despite mostly bearish trading this week.

Since the beginning of the year, Bitcoin is up by close to 65%.