Popular crypto analyst Anthony ‘Pomp’ Pompliano has claimed to have convinced investment guru Jim Cramer to buy Bitcoin.
Cramer’s Mad Money television show has over 200,000 daily viewers, and the announcement did coincide with a small rally—but is Jim Cramer influential enough to galvanize markets?
Pompliano stated that during an interview on Sept 10, he convinced Jim Cramer to invest in Bitcoin. Thousands of Twitter users lauded the message, and while there is no way to prove causality, the announcement did precede a small rally in BTC price.
Cramer, a television personality with a larger-than-life demeanor, had covered Bitcoin before on his shows. However, he never committed to buying it. Up to this point, his attitude had been lukewarm and skeptical.
Still, he did not tell people to turn a blind eye, tweeting that an investment in BTC might be a good idea.
Recently, other high-profile names have boarded the crypto wagon. Barstool Sports lead Dave Portnoy has been vocal about his enthusiastic leap into the game and even appeared in a popular Youtube video discussing Bitcoin with the Winklevoss twins.
In May, hedge fund manager Paul Tudor Jones said he had more than 1% of his portfolio in Bitcoin.
Though Cramer is best known for his show Mad Money, in which callers ask him tips about specific stocks, he is more than just a wacky host. He appears multiple times daily on CNBC, and his in-your-face no-nonsense attitude is adored by investors and viewers alike. Mad Money has surged 64% in popularity this year.
What’s more, Cramer founded the popular Wall Street website TheStreet.com and his stock picks regularly make the news. His opinions and his life itself have become newsworthy. He also interviews important people in the financial world, such as Treasury Secretary Steve Mnuchin.
Unfortunately, it’s not all good news. In a Youtube clip, Cramer confesses to manipulating the market when he was a hedge fund manager. That hedge fund made a 24% annual yield according to NerdWallet.
Even more revealing, research shows that Cramer’s picks do not outperform the market.
For his part, Pompliano has been consistently bullish, and it will be interesting to hear the arguments that changed Carmer’s mind when the podcast releases on Monday, Sept 14.
So, even though many investors do listen to Cramer’s calls, not every call he makes is a good one. But anyone who watches CNBC will be likely to hear his advice, if not follow it. Back in 2017, Cramer said that Bitcoin could, one day, reach a value of $1 million.