Jim Cramer, a well-known financial commentator, recently tweeted "Short this Nasdaq and invite me to your funeral," sparking a flurry of reactions from the community.
Cramer has a reputation for incorrect predictions, leading many to take a contrarian view on his advice not to bet against the tech-heavy stock market index.
The correlation between Bitcoin and the Nasdaq is an important context to consider when interpreting Cramer's tweet.
In the financial landscape, Bitcoin and Nasdaq stocks have often danced to the same tune, with their prices swaying in harmony as they are pulled by the strings of investor sentiment, global economic trends, and technological advancements.
This intricate choreography between the flagship cryptocurrency and the tech-heavy stock market index has led to a growing bond between the two, causing some to question Bitcoin's role as "digital gold" and wonder if it is more of a speculative asset than a steadfast store of value.The duet with the Nasdaq seems to have gained momentum as institutional investors embraced the "inflation hedge" narrative, following the U.S. Federal Reserve's powerful monetary performance. However, the correlation between these two is not always flawless, and there are moments when they part ways, each moving to the rhythm of their own market forces.
It should be noted that the host of CNBC's Mad Money, remains highly skeptical of Bitcoin's recent rally. As reported by U.Today, he recently encouraged investors to sell the flagship cryptocurrency, expressing concerns about the cryptocurrency's decentralized nature and potential manipulation by large institutions and wealthy investors.
Bitcoin's value spiked to nearly $25,000 following assurances from US authorities that deposits at failed Silicon Valley and Signature banks would be protected.