Jim Cramer Continues to Express Skepticism about Bitcoin, Differing from Hedge Fund Colleague

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Jim Cramer Continues to Express Skepticism about Bitcoin, Differing from Hedge Fund Colleague

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Jim Cramer, the former hedge fund manager and host of CNBC's Mad Money, maintained his negative outlook on cryptocurrencies during an episode on Tuesday evening. This perspective contrasted sharply with the views expressed by another hedge funder earlier in the day on CNBC. Cramer stated that he would not invest in bitcoin, explaining, "I can't go out with gold because gold is not good; I can't go out with bitcoin because I can't be in something where Mr. Bitcoin is about to go down big." It remains unclear whether Cramer's comments referred specifically to the ongoing trial of Sam Bankman-Fried or bitcoin in general, but his bearish stance was apparent. While bitcoin's value has dropped significantly from its peak of $68,000 during the bull market of 2021, the cryptocurrency has still seen a 68% increase since the beginning of the year. In June 2021, Cramer disclosed that he had sold off most of his bitcoin holdings following China's crackdown on crypto miners. During the same period, he also expressed concerns about bitcoin's underlying structural issues and predicted a further decline in its price. On the same day, billionaire hedge fund titan Paul Tudor Jones appeared on CNBC and expressed his support for both bitcoin and gold, citing high geopolitical risk and increasing government debt levels in the United States as contributing factors.