April 19, 2024
Jim Cramer's Bitcoin Turnaround From Skeptic to Recognizing a Technological Marvel
Bitcoin News

Jim Cramer’s Bitcoin Turnaround: From Skeptic to Recognizing a Technological Marvel

Financial analyst and host of CNBC’s Mad Money, Jim Cramer, has shifted his perspective on Bitcoin, now regarding the cryptocurrency as a technological marvel with enduring potential. However, despite his newfound positivity towards Bitcoin, Cramer maintains a bearish outlook on the broader crypto space, predicting another challenging year for crypto markets.

Cramer’s altered stance on Bitcoin comes as regulatory approval for a spot Bitcoin ETF by the Securities and Exchange Commission (SEC) looms. He acknowledges the resilience of Bitcoin, stating, “This thing, you can’t kill it. Bitcoin is a technological marvel, and I think people need to start recognizing it’s here to stay.”

In contrast, Cramer’s sentiments in October 2023 were notably pessimistic during the Sam Bankman-Fried trial, expressing disinterest in crypto and anticipating a significant decline in Bitcoin. He had also disclosed selling most of his Bitcoin holdings following the Chinese crackdown on Bitcoin mining.

While acknowledging Bitcoin’s positive attributes, Cramer cautioned that not everyone may be committed for the long term, suggesting that SEC approval of spot ETFs could trigger a “sell the news” phenomenon. Bitcoin’s price surged above $45,000 as speculation around the ETF approval intensified.

Despite his newfound positivity towards Bitcoin, Cramer remains skeptical about other cryptocurrencies and the overall crypto market. He anticipates another weak year for crypto, deviating from the general trend of bullish predictions within the financial community. This skepticism has sparked debates, especially given the substantial growth and institutional adoption witnessed in the crypto ecosystem over the past year.

Cramer’s consistent bearish stance on crypto has earned him a reputation as a crypto skeptic. Past statements by Cramer have even led to the emergence of the “Inverse Cramer” effect, where investors take the opposite position to his predictions. This phenomenon gained enough traction for the creation of the Inverse Cramer ETF by investment firm TUTTLE, allowing traders to capitalize on market movements contrary to Cramer’s forecasts.

Image by Darwin Laganzon from Pixabay

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