Former hedge fund manager and host of CNBC’s Mad Money, Jim Cramer, has tacitly admitted he was wrong about Bitcoin (BTC), now encouraging people to buy and invest in the flagship cryptocurrency. This comes as BTC rockets to an 18-month high, with Ethereum also seeing substantial gains.
Cramer Admits Misjudgment Of Bitcoin
As Bitcoin continues to rally, CNBC broadcaster Jim Cramer has shocked the crypto community after changing his tune on the benchmark crypto.
Cramer responded to a caller who asked about acquiring shares in Bitcoin miner CleanSpark during the Nov. 22 segment of the Mad Money show, noting that anyone who likes Bitcoin should increase their exposure to it. He revealed that he generated staggering profits from investing in Bitcoin, terming his previous negative assessment of the world’s largest cryptocurrency as “premature.”
“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.”
Cramer’s newfound confidence in BTC comes during a euphoric rally for the asset. Earlier today, the Bitcoin price breached the $38,000 mark for the first time since May 2022. The crypto has grown by 10% in the last month.
The bullish momentum comes from increased hope for the imminent approval of a spot Bitcoin ETF — which, if finally given the regulatory nod by the U.S. Securities and Exchange Commission (SEC) after a decade of rejections, would enable traditional institutional investors to gain exposure to BTC without the hassle of storing the premier crypto themselves.
Cramer Turns Bullish On BTC; Is That Bearish?
The history of Jim Cramer’s and Bitcoin’s relationship is long and storied. In early December 2022, when Bitcoin’s price was standing at around $17,100, Cramer advised investors to dump all their cryptocurrency no matter the cost, claiming it was “never too late to sell an awful position.”
Cramer’s track record of consistently making incorrect calls has made him quite popular in the cryptoverse. In fact, the SEC last year received numerous filings for “Inverse Cramer ETFs,” financial instruments that would automatically invest investors’ funds into the opposite of whatever the outspoken television personality recommends.
Given such reasoning, some market observers have taken to the X platform to suggest that Cramer’s revived faith in BTC could spell doom for the OG crypto and obliterate all gains registered in the past month.
Although Bitcoin is far off its historic high of $69,044 reached in 2021’s bull market, the crypto has still been trading up over 100% since the start of the year.
