Bitcoin’s bullish performance in the month of January 2023 has been met with a negative outlook from some of the leading figures in the cryptocurrency industry.
Jim Cramer, the host of Mad money on CNBC, and anchor on CNBC’s Squawk box, has been vocal about his bearish stance on Bitcoin.
Cramer recently explained that Bitcoin’s upsurge to new levels could only be linked to market manipulation. “I think crypto is being manipulated higher; I have no problem saying it”, he stated.
Jim Cramer also previously explained that he believes that Bitcoin’s uptick in price does not offer enough value for market players who might typically be looking to enter the market.
Advising them to steer clear of the market, he’s quoted saying the following;
“Now that Bitcoin has spent the last couple weeks bouncing off its lows, the whole crypto-industrial complex is back in full gear, trying to entice people back in. I think that would be a huge mistake for you.”
Many have termed Bitcoin an inflation hedge in the past. This sentiment has collectively been shared by billionaire investors who entered the Bitcoin market with the goal of finding an alternative to gold.
Jim Cramer pushes back on their viewpoint, claiming that Bitcoin cannot hedge against gold or any other traditional asset.
“For years these people told us that Bitcoin was the perfect replacement for gold as an alternative asset. They said it was a great hedge against inflation… while central banks were printing money like crazy, but in reality, it wasn’t a hedge against anything.” He said.
Market players remain convinced that the highly anticipated Bitcoin rally has begun
Last year, Bitcoin lost as much as 70% of its price value. The asset started the year with a price of $47,827 and closed at $16,603. Bitcoin’s poor price performance influenced the negative sentiment that market players expressed ahead of 2023.
However, since the year began, Bitcoin has recorded a notable upsurge in price value. Bitcoin has gained over 30% in price value since January kicked off. The asset has now surged above $23,000 at the time of this report.
Key figures like Ki Young Ju, the founder of the on-chain analytics platform Cryptoquant, have asserted that Bitcoin has already entered an early bullish phase.
Similarly, CryptoKaleo, a notable crypto analyst, took to Twitter last week to share that he was extremely bullish on Bitcoin and believes the asset is on its way to $45,000 in the long term.