Is Bitcoin Really Unreliable As A Currency After Latest Mammoth Crash? ⋆ ZyCrypto

Former Bitcoin critic and television personality Jim Cramer recently tweeted that Bitcoin is unreliable as a currency. He pointed out the weak price movements over the last weekend, during which the cryptocurrency fell to near $75k. It is now trading around the $78k valuation at press time.

Cramer tweeted:

Cramer’s Flip Flops About Bitcoin, Again

Cramer was a major crypto-skeptic over the years but has since developed a soft spot for the digital asset market, tweeting positively about it during market booms. He said a year ago that investors “should definitely own Bitcoin,” following major bullish activity at the end of 2024. Hardly a year before this take, he claimed that crypto was a house of cards and would collapse soon. 

However, he has also consistently criticized Bitcoin for failing to become a dependable asset, especially during market squeezes. He famously predicted in March 2024 that Bitcoin had “topped out” at around $69k, prompting immediate criticism from crypto users. The cryptocurrency went on to record new All-Time Highs above $100k in less than a year. 

Now, Cramer has voiced concerns regarding its weekend activity, especially when markets are closed. The host of CNBC’s Mad Money went on a tweeting spree to give his two cents about the premier digital currency ever since it came under massive pressure from the bears in the last week or so. 

Yesterday, he took a dig at Bitcoin’s “defenders” by tweeting:

He didn’t stop there. He has since sent several more tweets on the microblogging platform, mostly focused on price recovery and Michael Saylor’s buying sprees to help the crypto price rise above $80k. Cramer has claimed that he now owns Bitcoin, but little is known about his allocation strategy. 

Twitterati Respond

Cramer has had a long-standing Twitter feud with crypto users over the future of the digital currency sector, especially BTC. When he tweeted over the weekend about Bitcoin’s struggles during a bear market, X users immediately lashed out. 

One user replied:

Another quipped:

The CNBC host’s takes are known to elicit antagonistic responses from crypto users, but his point about weekend volatility is a genuine cause for concern. Previously, Bitcoin’s price movements over the weekends were quite steady. 

Now, with the bearish onslaught, the digital currency almost certainly loses value when markets are closed. If Bitcoin indeed wants to be treated as an everyday currency, it needs less volatility, especially when conventional markets are closed.