Jim Cramer, the host of CNBC’s Mad Money show, has made some bullish statements regarding Bitcoin. Noting that the crypto cannot be killed, he emphasized: “It’s a technological marvel, and people have to start recognizing that it’s here to stay.” He further stated that the late Charlie Munger, Warren Buffett’s former right-hand man, was wrong about bitcoin.
Jim Cramer on Bitcoin: ‘You Can’t Kill It’
Mad Money host Jim Cramer, who has outwardly expressed his skepticism about bitcoin and the crypto industry over the past years, made some bullish statements on CNBC Tuesday regarding bitcoin. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.
Commenting on Tuesday’s bitcoin price surge and the looming decision on spot exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), Cramer said:
This thing, you can’t kill it. And the late Charlie Munger, who was so brilliant on so many things, was blind to this … It’s a technological marvel, and people have to start recognizing that it’s here to stay.
While praising BTC’s “remarkable comeback,” Cramer expects that “people who are into [spot bitcoin ETFs] are using this chance to sell.”
Munger, who passed away on Nov. 28, was a well-known critic of bitcoin and other cryptocurrencies. Famous for calling bitcoin “rat poison,” and comparing BTC trading to trading turd, Munger also said the cryptocurrency is a “stink ball” among traditional currencies. He expected most crypto investments to go to zero, noting that it’s “ridiculous” and an “absolute horror” that anybody would buy crypto. He recommended investors avoid crypto “as if it were an open sewer, full of malicious organisms.”
Cramer, once a bitcoin advocate, became increasingly critical of the cryptocurrency over the past years. After recommending putting up to 5% of portfolios in bitcoin in March 2021, he sold his holdings due to ransomware concerns and China’s mining crackdown. In June 2021, he revealed that he bought ether (ETH) after dumping almost all of his BTC. The Mad Money host then became concerned about Binance, FTX, and Tether. In December 2022, he advised investors to get out of crypto now. “I wouldn’t touch crypto in a million years,” he said, adding that he expected the SEC to crack down on non-compliant crypto firms.
What do you think about Jim Cramer saying that bitcoin can’t be killed and people need to understand that it is here to stay? Let us know in the comments section below.
