Crypto Critic Jim Cramer Admits Bitcoin's Resilience and Potential Amidst Rising Market Cap
ICARO Media Group
In a surprising turn of events, long-time crypto critic Jim Cramer has acknowledged the unstoppable nature of Bitcoin, stating that "you can't kill it" during an episode of CNBC's Squawk on the Street show on Tuesday. This marked a significant departure from his previous bearish stance on cryptocurrency, where he had been notorious for expressing skepticism along with Warren Buffett and his late business partner.
Cramer specifically singled out Charlie Munger, Buffett's partner, and credited him with brilliance in many areas but noted his blindness to the potential of Bitcoin. The Mad Money host's change of heart comes as the number one cryptocurrency by market capitalization reached a milestone, crossing $45,000 on January 1 for the first time since April 2022.
Back in June of that year, Cramer had voiced concerns about a growing pessimism towards crypto in Silicon Valley, calling attention to a market dump he had dubbed "Crypto Monday." During this time, Cramer had warned that young individuals and those who had borrowed money may face significant losses if they were not careful.
Cramer's reputation for making dubious calls within the cryptocurrency community had inspired an "Inverse Cramer" meme and even applications for an "Inverse Cramer ETF," which encouraged investors to do the opposite of what Cramer advised. With his recent shift in sentiment towards Bitcoin, some in the crypto community are now feeling uncertain about the future of the digital currency.
Prominent Bitcoin enthusiast Dan Held expressed concern on Twitter, stating, "Shit, now Bitcoin is dead." Cramer's change in tone began to surface in November as Bitcoin crossed $38,000, leading some to speculate that a subsequent drop would occur due to the inverse nature of his predictions.
Despite his previous reservations, Cramer now describes Bitcoin as a "technological marvel" and acknowledges its resilience in the face of attempts by regulatory bodies like the U.S. Securities and Exchange Commission (SEC) to shut it down. He emphasizes the need for people to recognize that Bitcoin is here to stay, highlighting the SEC's long-standing opposition to the cryptocurrency.
While Cramer's recent sentiments may signal a shift in his perspective on Bitcoin, he is quick to caution that not all cryptocurrencies will enjoy the same fate. He suggests that although some may fade away, Bitcoin's remarkable comeback has caught many by surprise, proving the bullish investors right.
As the cryptocurrency market continues to evolve, Cramer's change of heart serves as a reminder of the ever-changing dynamics within the world of digital assets. With Bitcoin's market cap reaching new heights and influential figures like Cramer starting to recognize its potential, the future remains promising for the leading cryptocurrency and its dedicated community.