When Jim Cramer speaks, the market listens, and now he’s shifting his stance on Bitcoin (CRYPTO: BTC) and his outlook on the apex cryptocurrency.
What Happened: While appearing on CNBC on Tuesday, Cramer, who once suggested that investors should exit crypto and that it’s never too late to sell, now says that Bitcoin is a reality that needs to be recognized. “You can’t kill it,” he said.
He also added that the Bitcoin rally has been “a remarkable comeback” that was unexpected, “except for all the bulls who turned out to be right.”
Cramer said that the SEC has been consistently against Bitcoin, noting Chairman Gary Gensler’s position on crypto. “He just would like everybody involved to have to be like it’s a registered security, and he failed,” the Mad Money host said.
What Would You Earn: In December 2022, when Cramer advised investors to sell Bitcoin, its price was 164% lower than its current value, climbing from around $17,100 to over $45,000 on Tuesday.
Chart: CoinMarketCap
Why Does It Matter: In November 2023, Jim Cramer said “Look, if you like Bitcoin, buy Bitcoin. That has always been my view. And for a while, I liked it, and I decided that money had been made, but I was premature.”
On Tuesday, Cramer took to X and tweeted, “If everybody knows it is going up because it always goes up when a tightening cycle is over, can it do what everyone expects? Today!!”
In response to Cramer’s comments on CNBC, Crypto veteran and X user, Jacob Canfield said, “Bitcoin isn’t dumping because of high funding rates or because stocks are dumping. It’s because Jim Cramer is bullish on it.”
Trading Software, X user TrendSpider took to X to address Cramer’s shifting position. “In January 2023 with $BTC at $17K, Jim Cramer urged investors to sell their crypto as it ‘cannot be trusted.’ Today at $45K, he calls it a technological marvel that is here to stay,” TrendSpider wrote.
Meanwhile, X user Gandalf also responded, stating, “Jim Cramer just said you can’t kill bitcoin. That’s it, folks, it’s over. Sell all your bitcoin.”
Now Read: Is SEI The New Cardano For 2024? Early SEI Degens Will Be Greatly Rewarded: Analyst
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Profit with More New &…
Click Here to Read the Full Original Article at Cryptocurrencies Feed…
