Jim Cramer, the well-known host of CNBC’s “Mad Money,” has undergone a notable shift in his perspective on Bitcoin, expressing bullish sentiments as the cryptocurrency hits an 18-month high.
This change of heart follows a year during which Cramer staunchly discouraged involvement in Bitcoin, leaving both investors and market observers to contemplate the implications of his newfound optimism.
related: ‘I was premature’— Jim Cramer Acknowledges Mistake Regarding Bitcoin
Cramer’s Shift to Bullish Stance on BTC
Recognized for his dynamic and often oscillating views on financial instruments, Jim Cramer conceded that his earlier belief that “the money had been made” in Bitcoin was premature. Contrary to his prior stance, Cramer now advocates for Bitcoin, acknowledging the ongoing potential for gains.
Cramer articulated his revised viewpoint, stating, “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.”
His renewed endorsement of Bitcoin aligns with the cryptocurrency’s recent surge. Bitcoin surpassed $38,000 for the first time in 18 months, registering a 10% increase last month. Similarly, Ethereum witnessed a 17% surge, reaching its own 18-month pinnacle.
related: Jim Cramer’s Bear Call Sparked a Bitcoin Rally 40 Days Ago
Reaction from the Crypto Community
Given Cramer’s reputation for shifting opinions, both the crypto and finance communities, known for their scrutiny of Cramer’s views, have responded with skepticism to his latest turnaround. Some investors humorously propose that adopting a stance opposite to Cramer’s advice might be a prudent financial move.
This sentiment has even prompted discussions about the creation of “Inverse Cramer ETFs” submitted to the SEC, which would base investments on strategies contrary to Cramer’s recommendations. With Cramer expressing renewed confidence in Bitcoin, some voices in the crypto market on social media speculate that this might signal a potential downturn, potentially offsetting recent gains.
Is It Time to Sell Bitcoin?
While there are suggestions to sell Bitcoin following Cramer’s endorsement, several crypto experts hold a different perspective. Tone Vays, an experienced trader, sees no immediate resistance for the price of Bitcoin, and Ali Martinez, BeInCrypto’s Global Head of News, emphasizes strong support levels between $25,000 and $30,000.
Jacob Canfield, a renowned crypto trader, and Thomas Lee, Head of Research at Fundstrat, both share optimistic views, suggesting that Bitcoin, Ethereum, and altcoins have room for further upward movement before a significant correction in the market. Despite Cramer’s recent endorsement, Bitcoin may still have potential for upward movement before a significant price correction occurs.
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