Benzinga - CNBC Television personality Jim Cramer on Tuesday took a swing at Bitcoin’s (CRYPTO: BTC) market dip.
What Happened: In a post on X, Cramer shared an image of a dog with the caption, “Hi, my name is Pip and I bought Bitcoin today at 69210 and I am counting on Michael Saylor to stop me out!!”
Hi, my name is Pip and I bought Bitcoin today at 69210 and i am counting on Michael Saylor to stop me out!! pic.twitter.com/XI57h5CLPa— Jim Cramer (@jimcramer) March 5, 2024
Bitcoin experienced a sharp decline of 14%, falling to $59,300 after peaking at an all-time high of $69,150 on Coinbase on March 5. The cryptocurrency’s supporters are now focused on recovering the $65,000 level as a new support base.
On his CNBC show “Mad Money” on Tuesday, Cramer discussed the apex cryptocurrency’s movements. “Then there’s the action in Bitcoin. As long as people thought Bitcoin would be used to buy things and pay people, there was always a ton of volatility. But once the Exchange Traded products got rolled out that eliminated the source of tension that came from ever having to sell this stuff for cash."
He suggests that a misunderstanding by market skeptics has unfolded into an opportunity for Bitcoin.
He adds, “The bears didn’t understand that when Bitcoin stops trying to be a currency, it would actually become much more popular and that’s what’s happening.. But you have very smart people like Michael Saylor, the CEO of MicroStrategy, selling $600 million in convertible bonds to buy more Bitcoin.”
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Why It Matters: Cramer's statement comes as MicroStrategy announced on Tuesday its intention to offer $600 million in convertible debt to institutional buyers, aiming to use the proceeds to increase its Bitcoin holdings.
Earlier on Monday, speaking on CNBC’s “Squawk On The Street,” Cramer shared his views on what might be propelling Bitcoin’s value. “I first thought the rally in Bitcoin was because of the ETFs,” Cramer said. “I just think people are just saying ‘You know what, I don’t trust these fiat currencies.'”
Bitcoin has been rallying, nearing the highs it achieved in November 2021. This rise can be attributed to the introduction of spot Bitcoin ETFs and the upcoming halving event this April.
Price Action: At the time of writing, BTC was trading at $65,709 down 1.20% over the last 24 hours, according to Benzinga Pro.
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Image: Walerssk from Pixabay
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