Staunch Bitcoin BTC/USD critic Peter Schiff questioned financial analyst Jim Cramer’s bullish stance on the cryptocurrency on Thursday, likening it to remarks made at market tops.
What Happened: Schiff took to X to share his thoughts on Cramer’s advocacy for Bitcoin after the digital asset broke through $100,000 for the first time in history.
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Cramer celebrated the historic milestone on his popular Mad Money show on CNBC, although he clarified that he was not calling Bitcoin’s top.
“I would say I’ve been recommending it for years,” Cramer said, reminding everyone that he first bought into Bitcoin in Sept. 2020 when it traded around $10,000.
Cramer also dubbed Bitcoin as an alternative to gold as a store of value, supporting the idea of allocating 10% of one’s portfolio to the asset.
However, Schiff was not impressed, instead interpreting Cramer’s position as a sign of a market top. “These seem like the type of statements typically made at market tops!”
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Why It Matters: Schiff, a long-standing Bitcoin skeptic and a gold bug, notably dismissed the possibility that the apex cryptocurrency would ever reach $100,000 back in 2019.
When Bitcoin eventually hit the milestone, he attributed it to government interventions and political payoffs.
As for Cramer, he is known in the financial markets for the "Inverse Cramer" phenomenon, which hinges on the belief that doing the opposite of what Cramer advises could lead to profits. There has been no definitive proof, though, of counter-trading Cramer's predictions being a profitable strategy.
Price Action: That said, Bitcoin flash crashed to a low of $91,990 during overnight trading Thursday, before recovering to $97, 710, according to data from Benzinga Pro.
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