Bitcoin is up almost 30% since Peter Schiff, Jim Cramer said Get out of crypto.”

Bitcoin is up almost 30% since Peter Schiff, Jim Cramer said Get out of crypto.”

One of the cryptocurrency industry's biggest critics - Peter Schiff - expected Bitcoin's early-year surge to stop shortly after it began, advising investors to sell their holdings when the asset was trading at around $18,000. However, the uptrend continued and BTC currently stands at $22,800 – a 27% increase since the American financial commentator shared his views.

Another famous person whose dire prediction has failed at the moment is Jim Cramer. He urged people to cash out their “terrible” crypto positions in early December last year, while Bitcoin is up 33% since that statement.

Schiff's prediction: a catalyst for BTC's rise?

The CEO of Euro Pacific Capital – Peter Schiff – is among the most vocal opponents of the cryptocurrency sector and often warns investors to stay away from it. He opined on January 12 that Bitcoin's rise to over $18,000 (at the time) was an "excellent opportunity" for HODLers to sell their holdings. As usual, Schiff claimed investing in gold was a much better option.

#Bitcoin is trading above $18,000, its highest level in 3 weeks, an excellent opportunity for #HOLDER Selling before the Dec release. #CPI. #Gold is up just $10 and is trading at an 8-month high. While Bitcoin has already collapsed, gold has broken out. Time to dump Bitcoin.

— Peter Schiff (@PeterSchiff) January 12, 2023

Fortunately for those who did not part with their holdings, Bitcoin's run continued in the following days, reaching a 5-month high of nearly $23,300 on January 21 (according to CoinGecko data). This represented a price increase of almost 30% compared to the day Schiff shared his view. Currently, BTC is worth around $22,800, up 27%.

The American, known as a great advocate of gold, expected a significant increase in the price of the precious metal. Still, it's only up 1.3% in the last ten days.

The Cramer effect

Jim Cramer - the host of the CNBC show Mad Money - has gone from a major supporter of the industry to an outspoken critic in recent years. He is also often mocked by the crypto community as many of his predictions have been proven wrong.

The AmericansadvisedInvestors began selling their Bitcoin holdings in September 2021 as the Evergrande debt crisis in China appeared to play a major role in the asset's future performance. Bitcoin hit an all-time high of nearly $70,000 two months later.

He argued in January last year that the BTC correction may be over, meaning people should reconsider jumping on the bandwagon. Contrary to this expectation, Bitcoin lost over 60% of its valuation over the course of 2022.

Cramer's final advice came on December 6, when he told investors that they still had time to sell their "terrible" positions. He specifically outlined Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC) as the most speculative tokens that could crash to zero. All four are still there and, with the exception of DOGE, are in significantly better shape as of the beginning of last month.

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