Jim Cramer, known for his long-standing skepticism of cryptocurrency, has recently had a change of heart and expressed newfound respect for Bitcoin (CRYPTO:BTC), dubbing it a “technological marvel.”
In a recent segment on CNBC’s Squawk on the Street, the “Mad Money” host admitted that Warren Buffett and the late Charlie Munger failed to see the potential that Bitcoin holds.
Cramer stated, “This thing is, you can’t kill [Bitcoin]. And the late Charlie Munger, who was so brilliant on so many things, was blind to this…”
As BTC soared past the $45K threshold on January 1, marking its highest point since April 2022, Cramer’s remarks mirrored this upward trend. This is a notable shift from his prior stance, which was largely skeptical following the significant cryptocurrency market drop in June 2022, often referred to as “Crypto Monday.”
Cramer’s history of questionable calls has inspired the creation of the Inverse Cramer meme and even an Inverse Cramer ETF, which operates counter to Cramer’s stock recommendations. His recent favorable statements on Bitcoin have sparked unease among certain crypto enthusiasts, who worry that it might signal an upcoming market slump.
Even with his fresh interest in Bitcoin, Cramer issued a warning that not all cryptocurrencies are destined for survival.
“Now, that doesn’t mean that every one of these is here to stay,” Cramer said. “But I do think that it is about this, a remarkable comeback, that was unexpected- except for all the bulls who turned out to be right.”
Price Action
As of the current update, Bitcoin is trading at a price of $42,318, reflecting a decrease of nearly 7% over the last 24 hours.
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