Jim Cramer's New Bitcoin Theme Is 'Number Go Down'; Plus 200,000 BTC Mt. Gox Distribution Could Add To Supply Flush
Portfolio Pulse from Khyathi Dalal
Jim Cramer, host of CNBC's 'Mad Money,' has expressed a bearish view on Bitcoin, coining the term 'Number Go Down' to describe its price trend. Bitcoin has fallen 20% since the launch of its spot ETFs and is currently trading below $39,000, the lowest since December 2023. Cramer doubts Bitcoin's ability to hold at $40,000 and sees further downside. The potential release of 200,000 BTC from Mt. Gox and 100,000 BTC from Silk Road seizures could add to the supply, potentially driving prices down further. This comes in contrast to the upcoming Bitcoin halving in April, which is expected to reduce supply.
January 23, 2024 | 5:14 pm
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Grayscale Bitcoin Trust (GBTC) is experiencing outflows of $500 to $600 million per day, and the potential release of 200,000 BTC from Mt. Gox could further impact its price negatively in the short term.
The article indicates significant outflows from GBTC and highlights the potential increase in Bitcoin supply due to Mt. Gox distributions, which could lead to a decrease in Bitcoin's price and consequently affect GBTC negatively.
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