Jim Cramer, a long-standing critic of crypto, has surprisingly shifted his view, lauding Bitcoin as a “technological marvel” that’s resilient. Speaking on CNBC’s Squawk on the Street, Cramer recognized Warren Buffett and late Charlie Munger’s oversight in grasping Bitcoin’s potential. He admitted Munger, despite his overall brilliance, had missed understanding Bitcoin.
This change in Cramer’s stance arrives as Bitcoin surpassed $45,000 on January 1, marking its highest level since April 2022. Previously pessimistic after the June 2022 “Crypto Monday” market downturn, Cramer’s newfound positivity about Bitcoin contrasts sharply with his past statements.
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Cramer’s history of questionable predictions led to the creation of the Inverse Cramer meme and ETF, which mirrors the opposite of his stock picks. His recent praise for Bitcoin has sparked concerns among some crypto enthusiasts, who worry it might signal an approaching market downturn.
Despite his newfound optimism, Cramer cautioned about the survival of all cryptocurrencies, noting, “Not every one of these is here to stay. But I do think it’s about this incredible comeback, unexpected for many except for the bulls who were proven right.”