Jim Cramer on Elon Musk's tweet driving down bitcoin: 'This is a dice roll'

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Published May 17, 2021

Bitcoin sank as low as $42,000 Monday morning before making a slight rebound. A weekend tweet from Tesla CEO Elon Musk may have been behind the drop. The tweet led some to believe Tesla had sold its bitcoin holdings, but early Monday morning, Musk tweeted, “To clarify speculation, Tesla has not sold any Bitcoin." CNBC's Jim Cramer, Carl Quintanilla and David Faber discuss. Subscribe to CNBC PRO for access to investor and analyst insights: https://cnb.cx/2Vtntx6

Recent price movements in bitcoin following comments from Tesla CEO Elon Musk have become a little comical, CNBC’s Jim Cramer said Monday.

“A lot of people hang on Musk’s every word,” said the “Mad Money” host — who over the years has been complimentary and critical of the billionaire entrepreneur.

Musk is brilliant, added Cramer who owns a Tesla and bitcoin. “But I [also] felt from the beginning when he was on ‘SNL’ with dogecoin, people have to understand, this is a dice roll.”

In a tweet early Monday, Musk sought to clarify that “Tesla has not sold any Bitcoin.”

That came after Musk on Sunday afternoon raised questions by responding to a tweet from a user who speculated on Tesla’s bitcoin holdings.

Bitcoin was lower but above $44,000 per token Monday morning after it traded in a range of just over $42,000 and nearly $46,000 overnight.

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Jim Cramer on Elon Musk's tweet driving down bitcoin: 'This is a dice roll'

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