Former crypto-skeptic and host of “Mad Money”, Jim Cramer, expressed his admiration for Bitcoin during a recent appearance on CNBC. He highlighted the resilience of the cryptocurrency, stating, “This thing – you can’t kill it.” Cramer acknowledged that Bitcoin has proven to be a technological marvel and emphasized the need for people to recognize its permanence. He also pointed out that the U.S. Securities and Exchange Commission (SEC) has been consistently opposed to Bitcoin.
On Tuesday morning, Bitcoin’s trading price reached its highest level since April 2022, surpassing $45,000 with a 3.5% increase in the last 24 hours alone. Cramer attributed this upward trend to the anticipated approval of a spot Bitcoin ETF, suggesting that the SEC has been inundated with paperwork ahead of the reported January 10th deadline.
Cramer also mentioned the recent conviction of Sam Bankman-Fried, a fraudster associated with FTX, as a positive event that stimulated the market. However, he acknowledged the opposing view that Bitcoin’s gains could potentially unravel. Jamie Dimon, CEO of JPMorgan Chase, has been critical of the cryptocurrency industry, advocating for its closure. Dimon previously stated, “I’ve always been deeply opposed to crypto, Bitcoin, etc. The only true use case for it is criminals, drug traffickers, money laundering, and tax avoidance.”
In the past, Cramer shared similar skepticism towards crypto and referred to those who invested in it as “idiots.” However, he recently advised viewers of “Mad Money” to consider buying Bitcoin, citing his own profitable experience. This apparent change in stance suggests that Cramer now sees the potential in the crypto industry. “This is a remarkable comeback that was unexpected,” he commented.
The response to Cramer’s newfound optimism has been mixed, with some social media users expressing doubt about his sincerity. Despite this, Bitcoin’s performance and Cramer’s endorsement continue to gain attention.
“This is a remarkable comeback that was unexpected.” – Jim Cramer
Image source: CNBC / YouTube
