- Digital assets stakeholders have blasted Jim Cramer over his comment on Bitcoin’s recent behavior.
- The stakeholders debunked Cramer’s claim that “no one showed up” after the spot Bitcoin ETF approvals.
- According to Samson Mow, Bitcoin’s growth has never been dependent on ETFs.
Some top digital assets stakeholders have blasted Jim Cramer, host of the show “Mad Money on CNBC,” over his comment on Bitcoin’s recent behavior. The stakeholders debunked Cramer’s claim that “no one showed up” after the spot Bitcoin ETF approvals following a BTC price drop.
Cramer posted on X (formerly Twitter), citing Bitcoin’s recent pullback, calling it a “Nasty beginning to the Bitcoin selloff.” According to him, the flagship crypto doubled in value by hundreds of billions of dollars ahead of the ETF approvals, following which there hasn’t been much adoption.
Debunking Cramer’s “no show” claim, Samson Mow, a prominent figure in the crypto industry, said that many people showed up. Mow cited the inflows accumulated by BlackRock, Fidelity, and other approved ETFs as evidence for his adoption argument. He noted that the current BTC price pullback is a GBTC market adjustment.
Mow further explained that Bitcoin’s growth has never been dependent on ETFs. According to him, BTC’s value comes from scarcity, utility, and the failure of fiat.
James Lavish, a reformed hedge-fund manager, also denied Cramer’s “no show” claims. Citing this week’s financial assets performances, he showed that the capital inflows of the top two new Bitcoin ETFs added together would place them second on the list.
Lavish’s response attracted the attention of Eric Balchunas, senior ETF analyst at Bloomberg, saying Cramer has “got no clues.” Balchunas said the Mad Money host aimed to troll the Bitcoin community.
BTC has dropped by 17% after reaching a $49,048 yearly high in the aftermath of the ETF approval. The flagship crypto traded for $41,199 at the time of writing after reaching a low of $40,600 on Thursday, according to data from TradingView.
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