Jim Cramer’s recent tweet advising against shorting the Nasdaq has sparked debate among investors, given his history of incorrect predictions.
Jim Cramer, well-known financial commentator, tweeted recently “Run that Nasdaq and invite me to your funeral,” sparking a flurry of backlash from the community.
Cramer has a reputation for making incorrect predictions, leading many to take a contrary view on his advice not to bet against the tech-heavy stock index.
The correlation between Bitcoin and the Nasdaq is an important context to consider when interpreting Cramer’s tweet.
In the financial landscape, Bitcoin and Nasdaq stocks have often danced to the same tune, their prices swinging in harmony as they are pulled by the strings of investor sentiment, global economic trends and technological advances.
This complex choreography between the flagship cryptocurrency and the tech-heavy stock index has led to a growing connection between the two, leading some to question Bitcoin’s role as “digital gold” and wonder if it is more of a speculative asset than an unshakeable store of value.
The duo with the Nasdaq appears to have gained momentum as institutional investors embraced the “inflation hedge” rhetoric following the US Federal Reserve’s powerful monetary performance. However, the correlation between the two is not always seamless, and there are times when they separate, each moving in step with its own market forces.
It should be noted that CNBC’s Mad Money host remains highly skeptical of Bitcoin’s recent rally. As reported by U.Today, he recently encouraged investors to sell off the flagship cryptocurrency, expressing concerns about the decentralized nature of the cryptocurrency and potential manipulation by large institutions and wealthy investors.
Bitcoin’s value soared to nearly $25,000 following assurances from US authorities that deposits at failed Silicon Valley and Signature banks would be protected.