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“You Can’t Kill It” – Jim Cramer Reverses Stance on Bitcoin
- Famed crypto skeptic Jim Cramer has spectacularly changed his tune on Bitcoin, calling the blockchain a “technological marvel”.
- Cramer is well-known for being incredibly unreliable, making his bullish BTC stance strike fear into the hearts of the crypto community.
- Bitcoin has powered past the USD $45K milestone amid spot ETF approval drawing closer.
Jim Cramer is one of the most reliable financial analysts in the world. That is, of course, if you do the opposite of everything he says. The Mad Monday host on CNBC has been a long-time detractor of digital currencies. For example, in October last year, he was on record saying “I can’t go out with Bitcoin because I can’t be in something where Mr. Bitcoin is about to go down big”. Naturally, Cramer’s comments were immediately followed by a hefty BTC rally, with its price surging by USD $7,000 (AUD $10,300) within a fortnight. In what is either a good sign of Bitcoin’s newfound appeal to traditional investors, or a terrible sign due to Cramer’s poor track record, the coin’s performance over the past 3 months has finally seen him embrace the digital asset.
Bitcoin Reaches 21-Month High
Bitcoin has surged to its highest price point in nearly two years, breaking past the USD $45K (AUD $66K) amid heightened anticipation of a spot ETF. Cramer didn’t go so far as to announce he was wrong – as pigs still haven’t figured out how to fly – but his latest comments came as close to an admission as you can get.
You can’t kill Bitcoin…This was a remarkable comeback that was unexpected, except for all the bulls who turned out to be right.
Jim Cramer Upon hearing the news Jim Cramer was heaping praise onto a digital currency, a collective shiver went down the spine of long-term crypto investors. To make matters even more complex, in the exact same segment Cramer suggested that the approval of Bitcoin’s spot ETF will be a “sell the news event”. So somehow, he recommends that investors who want to buy BTC should do it…but also that they should probably sell it as the biggest crypto event of the year draws near.
His terrible investment calls far outdate cryptocurrency. Cramer is notorious among basically all financial markets for making incorrect predictions in both the short- and long-term.
However, perhaps we’re all being a little harsh on the outspoken personality. An ETF created specifically to do the opposite of everything Cramer says is actually down over the past 12 months, dropping 8.1% since its inception in January 2023.
Nevertheless, Cramer’s flip-flopping on cryptocurrency hasn’t exactly inspired confidence in long-time Bitcoin maximalists.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
