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Bitcoin’s price fell 2% on the same day CNBC markets commentator Jim Cramer suggested that cryptocurrencies should have a place in every investor’s portfolio.
Cramer has become a meme for his investment advice, which many say usually turns out to be the wrong call. There was even <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/jim-cramer-inverse-etf-shuts-down-10-months-after-launch" rel="null" target="null" text="null" title="https://cointelegraph.com/news/jim-cramer-inverse-etf-shuts-down-10-months-after-launch">a short-lived</a> exchange-traded fund (ETF) that bet against his buy tips.
In a Nov. 26 <a data-ct-non-breakable="null" href="https://www.youtube.com/watch?v=iyZS4EDFh2k" rel="null" target="null" text="null" title="null">edition</a> of CNBC’s Mad Money, Cramer <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/what-is-a-cryptocurrency-a-beginners-guide-to-digital-money" rel="null" target="null" text="null" title="null">endorsed owning crypto</a> as a hedge against a ballooning deficit as US debt climbs over $36 trillion.<iframe width="100%" height="315" src="https://www.youtube.com/embed/iyZS4EDFh2k" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
“I think Bitcoin, Ethereum and maybe even some other cryptocurrencies deserve a spot in your portfolio,” he said. “Maybe one day, if the deficit gets under control, I’ll change my tune.”
In the last 24 hours, Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) has dropped 2%, down to around $92,700, still cooling after a rally that sent it to a peak of $99,571 on Nov. 23. Some users quickly suggested he should only make negative points about crypto, in line with the internet’s “inverse Cramer” effect concept. 
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 <img alt="Cryptocurrencies, United States, Predictions, Social Media" src="https://s3.cointelegraph.com/uploads/2024-11/01936c3e-3a9f-700f-8348-3f21b977f136" title="">
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 Users who think Cramer’s endorsements make the opposite happen piled into the comments section to ask him to only cover negative points about crypto. Source: YouTube and X
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“I’ve liked crypto for a very long time,” Cramer said on his show. “Mostly because I know there’s a huge constituency of investors who want to buy something that can protect them from our government’s busted budget.”
The Mad Money host also admitted to <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/how-to-trade-cryptocurrencies-the-ultimate-beginners-guide" rel="null" target="null" text="null" title="null">still owning crypto</a> because the “national debt worries are never going to go away.”
“I’m going to call the top by recommending it yet again,” Cramer said. “Weird how I’ve been recommending gold and crypto for so many years, yet they’re both near all-time highs, and I take heat anyway.” Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-win-confirmed-jim-cramer-predict-harris-win" rel="null" target="null" text="null" title="https://cointelegraph.com/news/trump-win-confirmed-jim-cramer-predict-harris-win">Trump win confirmed? Jim Cramer says markets predict Harris win</a>
In a Nov. 21 <a data-ct-non-breakable="null" href="https://www.youtube.com/watch?v=nTHklAOd9xk" rel="null" target="null" text="null" title="null">edition</a> of Mad Money, Cramer also told a caller that they should “own Bitcoin that’s a winner,” at the time, Bitcoin was up around the $98,000 mark.
Cramer has had a love-hate relationship with crypto. In <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/the-bottom-is-in-cnbc-s-jim-cramer-says-crypto-has-no-real-value" rel="null" target="null" text="null" title="null">the past he has claimed</a> cryptocurrencies have “no real value” and advised holders to sell. Cramer <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/jim-cramer-admits-wrong-on-bitcoin-made-profit" rel="null" target="null" text="null" title="null">has since admitted he was wrong</a> and talked about making money from owning crypto.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/based-rollups-make-ethereum-feel-ethereum-again/" rel="null" target="null" text="null" title="null">Make Ethereum feel like Ethereum again: Based rollups explained</a>

Bitcoin down as Jim Cramer says crypto ‘deserve a spot’ in portfolio

Cointelegraph

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