Brace for Impact: Jim Cramer Says Bitcoin is a Win, “It’s What People Want”
Oh no. It’s happening again. For perhaps the third time this month, and the third time in his life, Jim Cramer has praised Bitcoin. In other news, the world is ending. The CNBC financial analyst has long been staunchly opposed to Satoshi’s vision, almost as much as he’s been staunchly opposed to making correct market analyses. However, in light of Bitcoin’s much-anticipated spot ETF approval, the outspoken celebrity has changed his tune.
Cramer Praises Bitcoin, Crypto World Cries
Let me tell you the topsy-turvy story of Cramer’s relationship with cryptocurrency over the past six months. Sit tight – it’s a good one.
It’s October 2023. Bitcoin, and the crypto market as a whole, are still struggling to recover from the calamitous collapse of FTX. The sector is an easy target and even the noble Jim Cramer couldn’t resist taking a pot-shot at “Mr Bitcoin”, as he strangely calls it.
“I can’t go out with Bitcoin because… Mr Bitcoin is about to go down big”.
Naturally, Bitcoin sky-rocketed 25% in the two weeks immediately following Cramer’s remarks.
Flash forward to last fortnight, and it appeared Jim had enough of being made a fool of by Bitcoin. In a new segment with CNBC, he completely flip-flopped his stance on BTC, simply claiming that “You can’t kill it”. Given his history of being incorrect (like, always), the crypto community was naturally frightened. Luckily, Cramer maintained enough of his anti-Bitcoin sentiment to keep a bear market at bay.
But Cramer’s latest comments might just be the nail in the coffin for the crypto industry. Speaking on Bitcoin’s famous spot ETF approval yesterday, Jim was glowing in his praise for BTC’s future potential.
It’s a win because the people want it… People didn’t want to be in a situation where they had their money in some bank that just disappeared overnight [in reference to FTX]… The customer is right.
Inverse Cramer was quick to strike after his comments, with the price of BTC consolidating lower overnight.
May Satoshi save us all.