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Cryptogambling / Jim Cramer shifts views on Bitcoin, calling it ‘technological marvel’

Jim Cramer shifts views on Bitcoin, calling it ‘technological marvel’

Publish Date: 03/01/2024
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Financial analyst Jim Cramer, known for his bearish view on Bitcoin, changed his standpoint on the cryptocurrency.

“This thing, you can’t kill it. Bitcoin is a technological marvel, and I think people need to start recognizing it’s here to stay,” Cramer said Tuesday.

Cramer’s recent remarks differ from what he said in October 2023. During FTX founder Sam Bankman-Fried’s trial, he was not interested in crypto investments and maintained Bitcoin would face significant losses. He also highlighted selling most of his Bitcoin after China cracked down on Bitcoin mining.

“I can’t go out with gold because gold is not good; I can’t go out with bitcoin (BTC) because I can’t be in something where Mr. Bitcoin is about to go down big,” Cramer said in October.

In November 2023, he showed a more positive view of Bitcoin by saying, “Look, if you like Bitcoin, buy Bitcoin. That has always been my view. And for a while, I liked it, and I decided that money had been made, but I was premature.”

While the CNBC “Mad Money” host expressed positivity about the asset, he stressed that not everyone is committed for the long term. He also suggested that the approval of spot ETFs could lead to a “sell the news” reaction. Bitcoin’s price surged above $45,000 for the first time since April amid growing speculation about the SEC approving a spot Bitcoin ETF.

Bitcoin has shown minimal movement in the past 24 hours in response to Cramer’s opinion, with it currently trading at $45,352 at the time of writing.

Cramer remains doubtful about crypto market

Despite impressive growth in the crypto market and Cramer’s positive stance on Bitcoin, he remains doubtful about its future.

He shared his prediction for the 2024 crypto market, saying, “As i predict another weak year for crypto, i do ponder how many people are still involved, now many millions of people….”

The cryptocurrency surged by 7.16 percent on Tuesday, pushing its market capitalization to an impressive $895.7 billion. This strong performance goes against Cramer’s forecast of a weak year for crypto, leaving investors and enthusiasts curious about what caused this surge.

Cramer’s views on Bitcoin and cryptocurrencies have made him known as a crypto skeptic. His past statements have sparked the “Inverse Cramer” phenomenon, where investors often take the opposite stance to his predictions.

The contrarian strategy became popular, leading investment firm TUTTLE to launch the Inverse Cramer ETF in October 2022. This ETF tracks Cramer’s CNBC appearances and social media posts, managing stocks equally based on his statements.

The Inverse Cramer ETF offers a unique approach for investors to benefit from market movements opposing Cramer’s forecasts. Currently, the Inverse Cramer ETF is down by 0.63 percent while Bitcoin has decreased by seven percent, demonstrating how expert predictions might not always align with market trends.

Positive outlook amid fourth Bitcoin halving

The upcoming fourth Bitcoin halving is anticipated in April. Heightened demand from institutional investors will likely extend the positive outlook for Bitcoin over the next two years.

Glassnode’s on-chain data analysis indicates that Bitcoin’s Market Value to Realized Value (MVRV) pricing band suggests a crucial target range for the cryptocurrency between $52,680 and $70,250. Additionally, the rising Open Interest (OI) nearing $11.5 billion supports the bullish stance for Bitcoin.

Bloomberg ETF analyst Eric Balchunas has cautioned crypto investors about a potential delay by the U.S. SEC in approving spot Bitcoin ETFs. If the decision is postponed by the end of the week, experts anticipate a significant Bitcoin price drop.

Regarding technical aspects, if the U.S. SEC delays the decision for the Ark 21Shares Bitcoin ETF on January 10, Bitcoin’s price might find a stable support level between $32,000 and $34,000. Yet, the SEC might encounter several lawsuits, similar to the one filed by Grayscale Investments.

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