Jim Cramer Believes BTC ‘Topping Out’ As ETF Approval Deadline Approaches, But Advises: ‘If You Want Bitcoin, Buy Bitcoin’
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CNBC's Mad Money' Host Jim Cramer on Monday said "Bitcoin's BTC/USD topping out" following its ascent to the $47,000 mark, energized by the markets optimism for a potential spot Bitcoin ETF approval.
What Happened: While fielding questions about Riot Platforms stock, Cramer said, "Let's stop fooling around. If you want bitcoin, buy bitcoin. I think bitcoin's topping out, by the way, so I'm going to say, enough is enough and ka-ching is ka-ching."
Last week, Cramer noted, You cant kill it [Bitcoin], and added that "the late Charlie Munger, who was so brilliant on so many things, was blind to this."
The host of Mad Money critiqued the SEC's stance on cryptocurrency, most notably Chairman Gary Genslers regulatory approach. He just would like everybody involved to have to be like its a registered security, and he failed, said Cramer.
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Why It Matters: Earlier in October, I'd rather just own Bitcoin, the Mad Money host said when asked about Marathon Digital Holdings, Inc.
He also expressed skepticism about Bitcoin during the trial of Sam Bankman-Fried in early October, saying he wasnt looking to invest in crypto as Mr. Bitcoin is about to go down big. This came after he publicly declared selling off most of his bitcoin holdings in 2021 post-China's crackdown on mining.
Price Action: At the time of writing, BTC was trading at $46,703.35, up 7% on Tuesday, according to Benzinga Pro.
Photo by a katz on Shutterstock
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