Jim Cramer, host of CNBC’s Mad Money, has once again offered advice to Bitcoin investors, this time urging them to sell their holdings. Despite a recent recovery, Cramer suggests it may be an opportune time to divest before a potential price drop.
Bitcoin is currently trading just below $40,000, having recovered from an earlier drop during the day. As of writing, Bitcoin’s value has increased by 0.18% in the last 24 hours, reaching a price level of $49,700.
Cramer, a prominent television personality, is known for closely following Bitcoin’s progress. He had previously indicated a strong starting level for the coin during the week’s initial rally, which began around a support level of $40,100.
Given Cramer’s known skepticism towards Bitcoin, his call for investors to liquidate their portfolios following the price drop should not be seen as surprising. He believes that even if Bitcoin recovers, it may not sustain the revival due to a lack of fresh investment.
Cramer’s comments come amidst a backdrop of a more than 20% drop in Bitcoin’s price following the decision on a spot Bitcoin ETF. He has linked the price drop to the continuous selling of GBTC by Grayscale. Whether investors heed Cramer’s advice is a decision they must make for themselves.