Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Jim Cramer touts bitcoin's 'remarkable comeback' and says it's a technological marvel

The BlockThe Block2024/01/02 18:18
By:RT Watson

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 +4.45% '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." 

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."

Bitcoin's price movement during last 12 months. Image: The Block's Price Page .


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

1inch reveals new cross-chain swap feature

Cointelegraph2024/09/19 02:58

Bitget announcement: Removal of VGXUSDT trading pairs from Futures Trading Bots

Bitget Futures Trading Bots will remove the following pairs on September 26, 2024, 15:00 (UTC+8) to provide a better user trading experience: VGXUSDT Notes: Users should close the relevant orders in advance if they hold strategy orders in these trading pairs. The release and purchase features of th

Bitget Announcement2024/09/19 02:41