Jim Cramer, the anchor of CNBC’s Mad Money, announced on Monday that he would sell all his Bitcoin holdings due to the cryptocurrency market’s resurgence.
Cramer advises investors to be cautious when dealing with Bitcoin because the cryptocurrency is still vulnerable to manipulation. Cramer warned on Mad Money that “Bitcoin is a strange animal” and that investors should sell their holdings during the rally.
“I would sell my Bitcoin into this rally, believe me, and I had been a believer in BTC,” Cramer remarked.
The collapse of Silicon Valley Bank, a unit of the SVB Financial Group SIVB, has made this a challenging moment for investors who rely on Cramer’s stock recommendations. Due to these closures, many stocks that Cramer has previously endorsed are among the most significant decliners.
Cramer had picked Signature Bank as a favorite, only for regulators to shut it down weeks later.
