Jim Cramer Endorses Bitcoin as Investment

Jim Cramer, host of CNBC's 'Mad Money,' recently bullishly endorsed Bitcoin during a segment, claiming it is preferable to invest directly in Bitcoin rather than in MicroStrategy, a company heavily invested in the cryptocurrency. His statement sparked a mix of humor and fear within the crypto community, with many recalling the 'Inverse Cramer' phenomenon, where traders bet against his recommendations. Cramer has a history of flip-flopping on Bitcoin, initially skeptical but now recognizing it as a legitimate asset class amidst a significant price rally, which has seen Bitcoin nearing $100,000. The endorsement led to concerns among investors, as past instances of Cramer's bullish calls have coincided with market downturns. While Cramer has profited from selling his previous crypto holdings, skepticism remains regarding the sustainability of his current bullish stance on Bitcoin. His comments came as MicroStrategy's stock plummeted by 16.2% following the announcement of a $3 billion convertible note offering.