Benzinga - CNBC television host Jim Cramer has taken to X with a somber outlook on Bitcoin (CRYPTO: BTC), marking his second commentary on the cryptocurrency within 24 hours.
What Happened: Cramer, known for his bearish Bitcoin sentiment, posted on Monday signaling discomfort with the apex cryptocurrency stating, “Bitcoin=tough own.”
In response, MicroStrategy CEO Michael Saylor, a well-known Bitcoin advocate, countered Cramer’s response, “Bitcoin = toughest owners.”
#Bitcoin = toughest owners— Michael Saylor⚡️ (@saylor) January 22, 2024
This follows Cramer’s earlier tweet of the day where he expressed doubt about a Bitcoin price recovery, saying, "Unlikely that Bitcoin finds its footing."
Bitcoin’s price trajectory supports Cramer’s bearish comments, as it observed a notable slump on Monday, falling below the $40,000 mark for the first time this year, thereby exerting downward pressure on the wider cryptocurrency market.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Bitcoin was down by approximately 3.9% at $40,052.76, following a dip to as low as $39,414.80, a figure not seen since December 3. Ethereum (CRYPTO: ETH) also faced a downturn, decreasing by 5% to a value of $2,333.00.
The downturn comes amid corrections following the launch of multiple spot bitcoin exchange-traded funds (ETFs) in the U.S., a move that initially drove investment interest as the Securities and Exchange Commission (SEC) gave the nod for trading.
Earlier in January, Cramer had shifted away from his bearish stance when Bitcoin’s price surged past $45,000. At that time, he spoke on the resilience of Bitcoin, acknowledging its technological attributes to CNBC’s David Faber: "This thing, you can’t kill it,” he said. Adding more to his revised perspective, Cramer praised Bitcoin’s endurance and urged a recognition of its permanence, despite having previously joined ranks with skeptics like the late Charlie Munger, whom he mentioned as having been “blind to this.”
Photo by a katz on Shutterstock
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.