Jim Cramer: Bitcoin is “Here to Stay”
Former crypto skeptic and “Mad Money” host Jim Cramer expressed his belief that Bitcoin is here to stay during a recent appearance on CNBC. Cramer acknowledged that Bitcoin has reached its highest trading price since April 2022 and emphasized that it is a technological marvel that people need to recognize. He also mentioned the SEC’s historical opposition to Bitcoin. As of Tuesday morning, Bitcoin’s price had surpassed $45,000, experiencing a 3.5% spike in the past 24 hours alone. Cramer attributed this surge to the anticipated approval of a spot Bitcoin ETF, which has reportedly overwhelmed the SEC with paperwork.
Potential Unraveling of Bitcoin’s Gains
While Cramer expressed optimism about Bitcoin’s future, he also acknowledged the opposing view that its gains could be undone. He referenced Jamie Dimon’s negative remarks about cryptocurrency, particularly Dimon’s statement that he would “close” the technology down if he were in the U.S. government. Dimon has been a vocal critic of crypto and has associated it with criminal activities. Despite his previous skepticism, Cramer’s recent endorsement of Bitcoin suggests a change in his stance on the industry.
A Remarkable Comeback
Cramer’s current perspective on crypto marks a significant turnaround from his previous negative comments. In the past, he referred to investors in cryptocurrency as “idiots” and stated that he would never invest in it. However, last month, Cramer advised viewers of “Mad Money” to buy Bitcoin and admitted to making money from his own investment in the technology. He described Bitcoin’s recent resurgence as unexpected but remarkable. While some social media users remain skeptical of Cramer’s sentiments due to his changing stance, his shift in perspective reflects the evolving perception of Bitcoin.
Hot Take: Jim Cramer Acknowledges Bitcoin’s Potential
In a surprising reversal, Jim Cramer, the former crypto skeptic and host of “Mad Money,” has praised Bitcoin as a technological marvel that is here to stay. He highlighted its recent surge in trading price and attributed it to the potential approval of a spot Bitcoin ETF. Despite acknowledging the opposing view that Bitcoin’s gains could unravel, Cramer’s change in tone signals a remarkable comeback for the cryptocurrency. While skeptics remain unconvinced, Cramer’s endorsement reflects the shifting perception of Bitcoin and its growing acceptance in mainstream finance.
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