In a Notable Surge, Bitcoin Reaches Highest Level Since April 2022
In a significant development, Bitcoin (BTC) briefly exceeded the $44,000 mark on Wednesday, December 6, reaching its highest level since April 2022. This surge in value can be attributed to two main factors: optimism surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) by US regulators and expectations of Federal Reserve rate cuts in 2024. Over the past month alone, Bitcoin has witnessed a substantial increase of 24.46%.
Jim Cramer’s Changing Stance on Bitcoin
Jim Cramer, known for his outspoken views on stocks and cryptocurrencies, has previously shared his thoughts on Bitcoin. In April, he advised investors to sell Bitcoin just as it started rallying in March. However, since then, Bitcoin has surged over 80%, rendering Cramer’s advice questionable. At the time of publication, Bitcoin is trading at $43,391 compared to $24,152 when Cramer made his recommendation.
“Bitcoin is a strange animal…I would sell my Bitcoin right into this rally…not here, not now.”
Back in January when Bitcoin was valued at $17,093, Cramer suggested it was a good opportunity to exit crypto. However, since then, the digital asset has gained 153% in value.
Cramer’s Recent Opinion: “If You Like Bitcoin, Buy Bitcoin”
Cramer has recently voiced more positive opinions about Bitcoin. In response to a question about CleanSpark (NASDAQ: CLSK) on CNBC Lightning Round, he stated:
“If you like Bitcoin, buy Bitcoin. That has always been my view…money has been made.”
Just two months ago, Cramer advised his viewers to exit the cryptocurrency market, predicting a significant decline in Bitcoin’s value. However, despite his doubts, Bitcoin has continued to perform strongly, surprising traditional investors who remain skeptical of digital assets.
Hot Take: Cramer’s Changing Tune on Bitcoin
Jim Cramer, known for his dynamic personality and outspoken views, has displayed a shifting stance towards Bitcoin. Initially advising investors to sell the cryptocurrency, he has since acknowledged that money has been made and changed his tune. Despite Cramer’s doubts about digital assets, Bitcoin has surged to its highest level since April 2022, leaving many traditional investors skeptical and confounded by its strong performance.
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