The price of Bitcoin jumped by almost $200 on September 10. The pump can be attributed to a tweet from Anthony Pompliano announcing that CNBC’s Jim Cramer has finally been convinced to buy the top cryptocurrency, after years of skepticism.
A Lazy Morning, an Active Day
At the time, the day opened with BTC changing hands at roughly $10,294, according to CoinMarketCap. However, the cryptocurrency took an upward trajectory when Pompliano, a vocal BTC investor, took to Twitter to announce that Jim Cramer, CNBC’s “Mad Money” host, has agreed to invest in the largest crypto asset.
After Cramer confirmed Pompliano’s claim via a retweet, his newfound interest in Bitcoin appears to have influenced his 1.3 million Twitter followers, to some degree, as seen by BTC’s recent pump.
Throughout the day, the coin’s price was on a rising trend. Notably, the high peek came at around 07:24 (UTC-07) when the price shot to roughly $10,476. Although the price has since fluctuated, it’s keeping a general upward momentum.
From Critic to Investor
Interestingly, Jim’s confirmation of buying Bitcoin came as a surprise since he has had a clear stance on Bitcoin. In fact, before the crypto boom in 2017, the “Mad Money” host bashed BTC, calling it a speculative investment.
Yet in June 2017, while appearing on “Squawk on the Street” another CNBC program, Cramer said that the price of BTC has the possibility of reaching $1 million.
Last year, when responding to a “Mad Money” follower on whether to have a 60/40 share between stocks and BTC, Cramer said that while it’s not on top of his list, the investor has the freedom to choose since it’s “YOUR mad money.”
In and Out in a Week
Whether Cramer has decided to become a bitcoiner solely because of the projected BTC bull run or because Pompliano had genuinely schooled him is not certain. However, those who have joined the space to make big returns ended up making huge losses.
For example, when the founder of Barstool Sports, Dave Portnoy, got into crypto to make quick gains, he was out in a week after investing in LINK, BTC, and OXT. He sold some of the coins at a loss, claiming there’s “no need to sit around losing money.”