Jim Cramer, the notable CNBC stock analyst, recently showered generous words of praise for the cryptocurrency domain. Cramer shared how certain cryptocurrencies are thriving at the moment and could deliver better returns by drawing a comparison with the precious yellow metal gold. However, the internet is fearing the inverse Cramer phenomenon, which may inadvertently affect the cryptocurrencies mentioned by him. What is this phenomenon all about, and which cryptocurrencies might be affected? Let’s find out.
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Jim Cramer Praises Crypto Coins Like Bitcoin and Ethereum
Source – Investopedia
Jim Cramer, the popular American TV personality and a former hedge fund manager, recently announced his adoration for the cryptocurrency domain. While hosting his CNBC show, Cramer stated how crypto can be a great hedge against US deficits while drawing a comparison with gold. The former hedge manager was quick to outline how gold can always be confiscated. Cramer later recommended investors explore Bitcoin and Ethereum and urged them to add them to their financial portfolios.
“I’ve liked crypto for a long time. Mostly because I’m skeptical about the government deficit.” Cramer shared.
However, the internet is introducing a different perspective, emphasizing the “inverse Cramer theory.” This phenomenon usually includes a popular notion that investors should pivot in the opposite direction of what Cramer advises. This financial “superstition” has gripped the masses, implying that Bitcoin and Ethereum may now fall or tank since Cramer has spoken words of praise for both tokens.
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Bitcoin Shows Price Volatility While Ethereum Steadily Moves For Now
Earlier this week, Cramer was generous enough to openly talk about Bitcoin, calling BTC a winner. The token has fallen dramatically below the $95K price level and is currently sitting at the $92K price level.
In addition to this, Ethereum is currently holding its ground at $3,400 but has dropped 0.6% in the last 24 hours. As Cramer has touted both Ethereum and Bitcoin as tokens that “deserve a spot” in investors’ portfolios, the internet is expecting a certain level of price volatility to occur in both tokens, stressing on Mad money host’s jinx phenomenon.
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