Jim Cramer Changes His Tune on Bitcoin as It Surges to an 18-Month High
For the past year, CNBC’s Jim Cramer has been advising everyone to stay away from crypto, particularly Bitcoin. However, he has now changed his stance as Bitcoin reaches its highest point in 18 months.
In a recent segment of “Mad Money,” Cramer admitted that he had previously thought the money had already been made with Bitcoin. But now he realizes he was premature in his assessment.
Cramer’s newfound faith in Bitcoin comes at a time when the cryptocurrency is experiencing a major surge. Earlier today, Bitcoin surpassed $38,000 for the first time in a year and a half, with a 10% increase over the past month. Ethereum has also seen significant growth, reaching its own 18-month peak.
The Hope for a Spot Bitcoin ETF
The recent momentum in the crypto market is partly due to the anticipation of the approval of a spot Bitcoin ETF. If approved by the SEC, this ETF would allow traditional financial institutions to gain exposure to BTC without holding any cryptocurrency. Analysts predict that such approval could lead to a $1 trillion boost for Bitcoin and other digital assets.
Cramer’s Changing Stance on Crypto
Despite previously dismissing cryptocurrencies after the collapse of the market and the FTX exchange shutdown, Cramer is now proclaiming his long-term support for those who believe in Bitcoin.
However, some in the crypto and finance communities have criticized Cramer for his inconsistent views on financial products. Some even suggest that doing the opposite of what he advises can be considered sound financial advice.
As Cramer expresses confidence in BTC once again, some crypto investors worry that this could potentially spell trouble for the cryptocurrency and undo the gains of the past month.
Hot Take: Cramer’s Ever-Shifting Stances and Their Impact on Bitcoin
Jim Cramer’s changing stance on Bitcoin has been a topic of debate among crypto and finance communities. While his renewed confidence in BTC may seem encouraging, some investors worry that his endorsement could have negative consequences for the cryptocurrency’s growth. Cramer’s track record of shifting opinions has led some to question the reliability of his advice. As Bitcoin continues to rise, it remains to be seen how Cramer’s changing tune will impact the market.
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