Economic analyst Jim Cramer argues that Bitcoin’s recent resilience and technical superiority signify its permanence, with the price surging past $45,000 in anticipation of the approval of a Bitcoin ETF.
He confidently said, “You can’t kill Bitcoin,” and emphasized its permanence by declaring, “It’s here to stay.” Cramer praised Bitcoin (BTC) as a “technological marvel” for persevering despite challenges.
The context of Cramer’s remarks lies in the fact that Bitcoin recently surged past $45,000. This is a milestone that will not be reached until 2022. Expectations of an imminent approval for a spot Bitcoin ETF are seen as a potential catalyst that could push the price of the cryptocurrency much higher, and expectations for approval are as follows: As early as next week.
Cramer’s optimism is rooted in the remarkable resilience Bitcoin has shown over the past year despite regulatory scrutiny from agencies such as the U.S. Securities and Exchange Commission (SEC) and its chairman, Gary Gensler. Cramer’s belief in Bitcoin’s longevity contrasts with the skepticism expressed by some notable figures, including the late Charlie Munger.
Despite Jim Cramer’s bullish stance on Bitcoin, the Inverse Cramer Theory requires caution. Some investors may interpret Cramer’s optimism as a contrarian indicator, raising concerns about overheating markets. According to this theory, Cramer’s expression of confidence could trigger a change in sentiment, with investors turning bearish and selling their positions.