Mooners and Shakers: Jim Cramer ‘can’t go out’ with Bitcoin or gold, but Paul Tudor Jones is up for it
Link copied to
Bitcoin pulled back a notch or two overnight, breaking back below the US$27k mark. Is the asset about to crash, like CNBC’s Jim Cramer seems to hope it will?
The as-seen-on-TV US financial analyst has flipped on crypto ever since he made a boatload from it and supposedly paid off a house from its gains a couple of years ago. But he’s been firmly in the Warren Buffett/Charlie Munger Bitcoin-hating camp for a while now.
The former hedge fund manager and host of CNBC’s Mad Money said midweek:
“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.”
Cue “bottom is in” comments…
Jim Cramer: “Mr. #bitcoin is about to go down big.”
The bottom is in.pic.twitter.com/vB8AaSgfDr
— TFTC (@TFTC21) October 10, 2023
Mr Bitcoin? Guess he’s referring to Sam Bankman Fried, the founder of the FTX firm currently on trial in a New York federal court over multiple financial fraud charges.
We were about to write, that’s a pretty lazy nickname for someone more known to deal in altcoins and stablecoins, but then we saw this…
BREAKING: Sam Bankman-Fried and Caroline Ellison conspired to keep #Bitcoin under $20k by secretly selling Bitcoin belonging to customers.
— Bitcoin Archive (@BTC_Archive) October 11, 2023
It’s still a pretty ordinary nickname for SBF, though. Here’s a better one (probably) courtesy of “Coffeezilla”…
Final thoughts from Caroline Ellison and the moment she broke down in tears.
Devastating for Sam Bankman Fraud. pic.twitter.com/QahTavMGuI
— Coffeezilla (@coffeebreak_YT) October 11, 2023
More on SBF and Ellison in a sec, but first…
Also appearing on CNBC this week has been the billionaire hedge fund legend Paul Tudor Jones, who said he’s a buyer of Bitcoin (and gold) due to the prevailing winds of macroeconomic (rising US government debt) and geopolitical turmoil (Israel v Hamas) – two forces that continue to throw doubt over everything in the world of investing this year.
“I would love gold and bitcoin together,” Tudor Jones said.
“I think they probably take on a larger percentage of your portfolio than they would [historically] because we’re going to go through both a challenging political time here in the United States and we’ve obviously got a geopolitical situation.”
— Rich Rogers (@RichRogers_) October 11, 2023
Tudor Jones also said the current scene “might be the most threatening and challenging geopolitical environment” that he’s ever seen, with the US “probably in its weakest fiscal position since World War Two”.
“It’s a really challenging time to want to be an equity investor in US stocks right now,” he added.
The SBF trial, by the way has just seen his former girlfriend and partner in the collapsed FTX crypto exchange/Alameda business, Caroline Ellison, testify in front of jurors and break down in tears with remorse over her part in the debacle.
Among other things, Ellison expressed her anxiety about the possibility of customers withdrawing their funds from FTX amid the “liquidity crush” at related hedge fund company Alameda.
Ellison, the former CEO of Alameda Research, welled up when describing life at FTX in the thick of its troubles, noting that Bankman-Fried had directed her to illegally appropriate FTX customers’ funds and lie to lenders.
“This was kind of something I’d been dreading for so long… and I just, I felt a sense of relief that I didn’t have to lie anymore… that I could take responsibility,” Ellison said.
Not sure what they’re paying the courtroom sketch artists, by the way, but it’s either way too much or way too little. We can’t decide…
One more Caroline Ellison courtroom sketch.
— Ariel Givner, Esq. (@GivnerAriel) October 11, 2023
With the overall crypto market cap at US$1.09 trillion, down a fraction since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
Since we started typing this column, and also ever since Jim Cramer’s latest call for Bitcoin to crash and burn, the crypto market has been recovering just a tad. It’s still down a slightly larger tad overall over the past 24 hours… but keep talking Jim, please, do keep talking…
Some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
PUMPERS (11-100 market cap position)
• Kaspa (KAS), (market cap: US$932 million) +5%
• GALA (GALA), (market cap: US$357 million) +3%
• Frax Share (FXS), (market cap: US$394 million) +3%
• Chainlink (LINK), (market cap: US$4.1 billion) +2%
• Radix (XRD), (market cap: US$428 million) -8%
• THORChain (RUNE), (market cap: US$473 million) -6%
• Rollbit Coin (RLB), (market cap: US$413 million) -5%
Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.
For those who became traders after 2020/2021
From experience, this is the point if you haven’t started a DCA/accumulation strategy, you’re going to miss out.
— Roman (@Roman_Trading) October 11, 2023
Fed messaging in the past month:
We may need more rate hikes
No we don't
Soft landing is our baseline
No it's not (Powell)
Higher for longer
Yellen: Higher for longer is by no means a given
— Sven Henrich (@NorthmanTrader) October 11, 2023
— Bitcoin Archive (@BTC_Archive) October 11, 2023