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Jim Cramer Capitulates on Bitcoin: 'Technological Marvel … It's Here to Stay'
The Mad Money Host three months ago was highly bearish on the world's largest cryptocurrency.
Updated Mar 8, 2024, 7:17 p.m. Published Jan 2, 2024, 6:14 p.m.
Jim Cramer, former hedge fund manager and host of CNBC’s Mad Money, Tuesday morning reversed his previously bearish stance on bitcoin [BTC] ahead of what's expected to be U.S. regulatory approval of a spot ETF and as the price rose above $45,000 for the first time in 21 months.
"This thing, you can't kill it," Cramer told CNBC's David Faber. "[Bitcoin is] a technological marvel and I think people need to start recognizing it's here to stay." Cramer also took note of another famous Bitcoin skeptic (to put it mildly), saying the late Charlie Munger "was blind to this."
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Cramer's comments stand in contrast to his remarks in early October amid the Sam Bankman-Fried trial, when he said he wasn't interested in getting long the crypto as "Mr Bitcoin is about to go down big." Prior to that, Cramer said he had sold most of his bitcoin holdings in 2021 after the China mining crackdown.
To be sure, the former hedge funder wasn't a full-on bull on bitcoin this morning, saying not everyone long now is in it for the long haul and suggesting that the spot ETF approvals could be a "sell the news" event.
Bitcoin overnight rose above $45,000 for the first time since early April 2022 as speculation ramped that the U.S. Securities and Exchange Commission (SEC) perhaps this week would approve a number of spot bitcoin ETFs. The agency faces Jan. 10 deadlines decisions on several ETF applicants.
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Bitcoin Rebounds to $93K From Post-Fed Lows, but Altcoins Remain Under Pressure
Downward pressure on bitcoin is losing steam, with the market stabilizing but not yet out of the woods, said one analyst.
What to know:
- Bitcoin rebounded from a sharp early selloff on Thursday to trade above $93,000 shortly after the close of U.S. stocks.
- The late-day gain in bitcoin came alongside a rebound in the Nasdaq from big morning losses; the tech index closed with just a 0.25% loss.
- Downward pressure on bitcoin is losing steam, said one analyst, but the market is not yet out of the woods.
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