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Jim Cramer shed light on the latest developments in the cryptocurrency market by highlighting BlackRock and the Bitcoin ETF on his daily program Stop Trading on CNBC.
Cramer noted that BlackRock, a company he greatly admires, has seen significant outflows from its Bitcoin ETF. “Three hundred and thirty million dollars was pulled from Bitcoin yesterday,” he said, indicating three consecutive days of declines. “This is unusual,” Cramer said, raising questions about the recent decline.
Despite the outflows, Cramer remains bullish on Bitcoin and advises viewers to keep a close eye on the market. “I love Bitcoin and I think people should watch it. If they haven’t bought it yet, they’ll get a chance,” he said.
When asked if Bitcoin had cooled enough, Cramer pointed to $90,000 as the next potential buy level. “I think $90,000 is the next level where I think people should buy,” Cramer said.
Cramer also emphasized Bitcoin’s role as a hedge, referring to the $36 trillion in global assets. “It takes younger people and more excited spirits to make Bitcoin work,” he said.
He attributed much of Bitcoin’s momentum to options trading on Robinhood, a platform popular with young investors. “We don’t talk about Robinhood enough,” Cramer said, noting that the platform has caught the attention of young investors while larger financial firms have missed the mark.
*This is not investment advice.