Jim Cramer, known for his influential role as the host of CNBC’s “Mad Money,” has completely shifted his stance on Bitcoin (BTC) and now believes it is a “technological marvel.”
This change of heart is particularly striking given Cramer’s background as a former Goldman Sachs employee and his staunch criticism of the digital asset in the past.
“Technological marvel”
Historically, Cramer’s stance on Bitcoin was cautious and often critical, especially under the scrutiny of regulatory challenges in the U.S. His skepticism aligned with other financial experts, including the late Charlie Munger and JP Morgan CEO Jamie Dimon.
However, in a recent appearance on CNBC, Cramer said that Munger had been “blind” to the potential of Bitcoin as it has survived despite the SEC being against it since its inception.
The recent surge in Bitcoin’s value, which has seen it rise above $45,000, has led Cramer to reassess its potential. He praised Bitcoin’s resilience and technological innovation, saying:
“It’s [Bitcoin] a reality, and it’s a technological marvel, and I think people have to start recognizing that it’s here to stay.”
The acknowledgment comes after Bitcoin’s recovery from its low point below $17,000 during one of the longest bear markets, called crypto winter.
Cramer said that Bitcoin’s “remarkable recovery” was unexpected, but it has shown that “you can’t kill it.”
Bull run on the horizon
Cramer’s newfound optimism about Bitcoin coincides with a broader trend in the cryptocurrency market, suggesting the onset of a new bull run.
The uptick in value and interest is partly attributed to the expectation that financial giants like BlackRock and Grayscale Investments will soon receive approval for spot Bitcoin exchange-traded funds (ETFs).
Such a development could significantly boost Bitcoin’s legitimacy and appeal, potentially attracting a more diverse range of investors to the cryptocurrency market.
The shift in Cramer’s view indicates a broader change in the financial industry’s approach to cryptocurrencies. It signifies the growing recognition of digital currencies as a legitimate part of the financial landscape, capable of withstanding market turbulence and regulatory challenges.
Cramer’s endorsement, given his prominence in the financial sector, could influence other investors’ perceptions of Bitcoin and digital currencies more broadly.
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