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In an unexpected turn, long-time cryptocurrency skeptic Jim Cramer appears to be shifting his stance, particularly in favor of Bitcoin. On CNBC’s “Squawk on the Street” show, the Mad Money host, known for his bearish views alongside Warren Buffett and the late Charlie Munger, acknowledged the resilience of Bitcoin with a simple statement: “You can’t kill it.”
This change coincided with Bitcoin surpassing the $45,000 mark on January 1, marking its highest value since April 2022. Cramer had previously noted a prevailing pessimism in Silicon Valley in June of that year, coining the term “Crypto Monday” after a market downturn.
Renowned for his unpredictable calls, Cramer has inspired discussions about an “Inverse Cramer” strategy, where investors consider doing the opposite of his suggestions. With his newfound optimism for Bitcoin, some in the crypto community express humorous concerns.
Cramer’s shift in tone became apparent in November when Bitcoin surpassed $38,000, leading to speculation about a potential market drop based on the contrarian nature of his predictions.
Despite his past reservations, Cramer now applauds Bitcoin as a “technological marvel” and points out the U.S. Securities and Exchange Commission’s inability to shut it down. He urges recognition of Bitcoin as a lasting force but remains cautious, emphasizing that not every cryptocurrency may endure.
While Cramer seems to be changing his tune on Bitcoin, there’s a lingering sense of caution in his recent statements. He underscores that while Bitcoin is making a remarkable comeback, it doesn’t automatically imply the same for every cryptocurrency in the market. Cramer points out that the enthusiasm surrounding Bitcoin doesn’t necessarily extend to the entire crypto landscape.
