Jim Cramer Unexpectedly Calls Bitcoin a Technological Marvel
Date: 2024-01-03 Author: Dima Zakharov Categories: BUSINESS
In an unexpected twist on Tuesday, American television personality Jim Cramer lauded Bitcoin's "remarkable comeback," stating that he now thinks it's "unkillable." This statement is a stark contrast to his previous skepticism towards the leading cryptocurrency, especially in the latter half of the previous year, when he advised staying away from Bitcoin as it faced pressure from U.S. regulators.
Back in October, when Bitcoin was hovering around the $27,000 mark, the financial TV consultant cautioned against getting involved with Bitcoin. However, with Bitcoin's price surpassing $45,000, the former Goldman Sachs employee has reversed his stance, surprising many in the crypto community.
Jim Cramer even took a swipe at the late Charlie Munger, the vice-chairman of the legendary financial organization Berkshire Hathaway, who had been highly critical of Bitcoin. Munger passed away in November 2023, and Cramer remarked that he had been blind to Bitcoin's potential.
Cramer emphasized that Bitcoin is here to stay, describing it as a technological marvel. He also pointed out that the U.S. Securities and Exchange Commission (SEC) has consistently been against it.
The sharp rise in Bitcoin's value in the last quarter of 2023 is largely attributed to spot Bitcoin ETF applications from financial giants like BlackRock and Grayscale. Bitcoin's resilience and its growing acceptance among institutional players have left many reevaluating their opinions on this cryptocurrency.
