In a slow-moving twist, Jim Cramer praised: bitcoin BTC
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Cramer has historically been skeptical of the cryptocurrency in light of regulatory scrutiny in the U.S., although he began softening his stance on Bitcoin in the second half of last year. As recently as October, when Bitcoin was hovering around $27,000, the infamous TV financial advisor seemed to be renewing his skepticism about the digital asset. But with Bitcoin rising 6% and trading above $45,000 in the last 24 hours, the one-time Goldman Sachs employee has changed his stance.
“The late Charlie Munger, who was so brilliant in so many ways, didn’t know this,” Kramer told CNBC. Munger served as vice chairman of Berkshire Hathaway, a renowned financial institution. He passed away in November 2023.
Bitcoin is ‘here to stay’
“This is real, it’s a technological marvel, and I think people need to start recognizing that it’s here to stay. The SEC has almost always been against it.”
A year ago, Bitcoin was trading below $17,000 during the cryptocurrency winter. However, the surge in the fourth quarter of 2023 (driven by expectations that spot Bitcoin ETFs filed by financial giants such as BlackRock and Grayscale will soon be approved) signaled to many the start of another bullish trend for the cryptocurrency. .
“This is an unexpected and amazing comeback,” Kramer said on Tuesday as well. “Except all the bulls that turn out to be right.”
Bitcoin price movement over the past 12 months. Image: The Block’s pricing page.
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About the author
RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal, writing about Disney, Netflix, Warner Bros. and the creator economy, focusing primarily on technological disruption across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a wide range of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.