CNBC’s “Mad Money” host Jim Cramer has issued a stark warning about the future of Bitcoin (BTC) on social network X.
Cramer, known for his incisive financial commentary, highlighted the worrying start to the Bitcoin sell-off.
He noted: “Someone will probably try to take a stand here, but as we said last night, you can’t have an asset double in value by hundreds of billions of dollars in anticipation of an ETF and then almost no one shows up.”
On a recent episode of “Mad Money,” Cramer said that Bitcoin could “peak,” predicting a potential decline in its value.
On January 12, he took to Twitter to reiterate his belief that Bitcoin had reached its peak.
This prediction by Cramer turned out to be accurate considering that the price of Bitcoin fell below the $41,000 mark on Thursday.
ETF Launch: A News Selling Event?
The conversion of the Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF last week led to significant outflows, exceeding $1.5 billion.
JPMorgan analysts, led by Nikolaos Panigirtzoglou, expressed concern that further outflows, which could reach $3 billion, could put more downward pressure on Bitcoin prices.
Economist and noted cryptocurrency skeptic Peter Schiff also weighed in, warning about the impact of new SEC regulations on Bitcoin’s transaction costs and future price.