Jim Cramer Changes His Tune on Bitcoin
The long-time crypto critic, Jim Cramer, has had a change of heart when it comes to Bitcoin. In a recent interview on CNBC’s Squawk on the Street show, Cramer admitted that you can’t kill Bitcoin, despite his previous bearish stance on cryptocurrency. Cramer even went as far as saying that his late business partner, Charlie Munger, was blind to the potential of Bitcoin.
A Shift in Perspective
Cramer’s change in perspective comes as Bitcoin surpassed $45,000 for the first time since April 2022. Back in June of that year, Cramer expressed pessimism about crypto after a market dump he referred to as “Crypto Monday.” However, his track record of dubious calls and skepticism towards crypto has made some in the crypto community wary of his newfound support for Bitcoin.
Cramer Acknowledges Bitcoin’s Resilience
In November, when Bitcoin crossed $38,000, Cramer’s tone began to shift. He called Bitcoin a technological marvel and highlighted the inability of the U.S. Securities and Exchange Commission (SEC) to shut it down. Cramer believes that people need to recognize that Bitcoin is here to stay and that the SEC has been against it from the start.
Not All Cryptocurrencies Are Equal
While Cramer may be warming up to Bitcoin, he cautions that not all cryptocurrencies are guaranteed to succeed. He acknowledges that there have been remarkable comebacks in the crypto market but warns that not every cryptocurrency will survive.
Hot Take: Cramer’s Change of Heart Raises Concerns
Jim Cramer’s unexpected change of heart regarding Bitcoin has raised concerns among the crypto faithful. Some fear that his endorsement of Bitcoin may signal its downfall, while others question the implications for the broader crypto market. Despite Cramer’s newfound support, the crypto community remains cautious and recognizes that not all cryptocurrencies are created equal.
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