Jim Cramer, the controversial host of CNBC’s “Mad Money,” shocked cryptocurrency investors by declaring Bitcoin “indestructible.” The statement comes at a time when optimism in the market is increasing.
Cramer, known for his controversial financial analyzes and outspoken criticism of bitcoin, expressed rare optimism about the digital currency, claiming that bitcoin “cannot be destroyed” and praising its technological robustness.
He highlighted Bitcoin’s resistance to regulatory pressure and its ability to persist despite opposition from the US Securities and Exchange Commission (SEC).
“Bitcoin cannot be killed; technology is here to stay, it is a technological marvel that is here to stay! The SEC is continually trying to combat this.” Kramer said.
🚨 JUST IN: Jim Cramer declares Bitcoin is indestructible, saying “It can NOT be killed; the technology is here to stay.” 🚀
“It is a technological marvel that is here to stay! The SEC has been against it all along.”
“This is a remarkable comeback that was unexpected.” #Bitcoin… pic.twitter.com/6jDVgD9SSP
— Good Morning Crypto (@3TGMCrypto) January 2, 2024
Jim Cramer was wrong about Bitcoin
It is worth remembering that Jim Cramer is a critic of Bitcoin and even asks his viewers several times to sell Bitcoin as quickly as possible. Cramer’s change of heart on Bitcoin is therefore notable given his previous pessimistic views on the cryptocurrency.
The irony of the situation is heightened by the phenomenon known as ‘Inverse Cramer’, where investors perceive a tendency to do the opposite of Cramer’s recommendations in order to make a profit.
Notable examples include his recommendation to buy shares of Silicon Valley Bank (SVB) at $320, followed by a dramatic drop in the stock’s value, and his advice to sell Bitcoin just before a significant increase in the value of the stock cryptocurrency.
Cramer’s stance has also had an impact on the cryptocurrency community, with his recent statement suggesting he avoid doing business with Binance.
The statement, while initially perceived as negative, eventually became a catalyst for those who had doubts, especially after Binance and its former CEO Changpeng Zhao faced investigations from the CFTC (Commodity Futures Trading Commission).
Zhao’s apparent acknowledgment of “Inverse Cramer” with a simple “thank you” ultimately brought a new dimension to the story.
However, with Binance and Zhao’s subsequent troubles before the US Department of Justice (DoJ), Cramer’s words about the exchange being “very superficial” take on new meaning.
🙏https://t.co/2e1ZHNK42H
— CZ 🔶BNB (@cz_binance) March 31, 2023
Despite Cramer’s recent bullish statement on Bitcoin, he continues to warn.
In a Twitter post published on Tuesday (2), he questioned whether Bitcoin can really meet the market’s high expectations, especially in a context where investors anticipate a price increase following the end of a monetary tightening cycle.
If everyone knows that rates are rising because rates always go up when a tightening cycle ends, can rates do what everyone expects? Today!!
—Jim Cramer (@jimcramer) January 2, 2024
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
