Contents
Quick Take
- CNBC TV personality Jim Cramer thinks bitcoin is here to stay amid its price surge above $45,000.
In what’s become a slow-moving reversal, Jim Cramer praised Bitcoin
BTC +0.05% ‘s "remarkable comeback" on Tuesday, adding that he now thinks "you can’t kill it."
While Cramer began softening his position on bitcoin during the latter half of last year, he has historically been skeptical of the cryptocurrency in light of regulatory scrutiny in the United States. As recently as October, when bitcoin was hovering around $27,000, the infamous TV financial advisor appeared to renew his skepticism in the digital asset. But with bitcoin up by 6% in the last 24 hours, and trading over $45,000, the one-time Goldman Sachs employee has changed his tune.
"The late Charlie Munger, who was so brilliant, on so many things, was blind to this," said Cramer on CNBC. Munger served as vice chairman of the storied financial institution Berkshire Hathaway. He passed away in Nov. 2023.
Bitcoin is ‘here to stay’
"It’s a reality, and it’s a technological marvel, and I think people have to start recognizing that it’s here to stay. The SEC’s been against it almost the whole time."
THE SCOOP
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A year ago bitcoin traded below $17,000 amid the crypto winter. But its surge during the final quarter of 2023 — due in large part to the expectation that spot bitcoin ETFs filed by financial giants like BlackRock and Grayscale will soon be approved — has for many signaled the beginning of another bull run for crypto.
"This is remarkable comeback that was unexpected," Cramer also said Tuesday. "Except for all the bulls that turned out to be right."
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© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
TAGS BITCOIN
About Author
RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master’s degree in Digital Sociology.
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