Cramer’s Change Of Heart: Bitcoin Now “A Winner” In His Eyes

• Following a year of criticism, Jim Cramer has demonstrated his support for Bitcoin due to ongoing bullish momentum.
• Many predict that Bitcoin will soon reach the $100,000 level after reaching several all-time highs.

Jim Cramer, host of CNBC’s Mad Money, has been critical of Bitcoin for a long. Recently, the same host gave a nod to Bitcoin, calling it a “winner” during his show’s “Lightning Round” segment.

A caller who mentioned having a 1000% profit thanks to MicroStrategy’s CEO sought Cramer’s advice on his holdings. He sought advice, particularly regarding Citron Research’s short position on MSTR.

Cramer responded by expressing a preference for BTC price over MicroStrategy. He stated, “I prefer actually to own Bitcoin,” and labeled it a “clear winner.”

Lightning Round: I prefer to own bitcoin outright over Microstrategy, says Jim Cramer https://t.co/EkjcEDCI6J

— Yash Jain (@cryptoyashjain) November 23, 2024

This endorsement quickly spread across social media. Many users humorously suggested that doing the opposite of Cramer’s advice often leads to profit.

Crypto news outlet Milk Road jokingly remarked, “Pack up your bags, sell everything. Bull market is cancelled,” highlighting the mixed reactions to Cramer’s endorsement among traders and investors.

Aight bro’s, pack up your bags, sell everything.

Bull market is cancelled. https://t.co/yhlSpN5jam

— Milk Road Crypto (@milkroaddaily) November 22, 2024

This surprising shift occurred as the price of Bitcoin approached the $100,000 mark. Recent market data showed Bitcoin trading at $98,530.

Impact of the 2024 US Elections on Cryptocurrency Markets

The cryptocurrency market has significantly benefited from the US elections of 2024. Trump’s win in this election has brought a massive price boom for Bitcoin and altcoin.

The Bitcoin price has seen a massive 11% rally in the last seven days. Furthermore, it has witnessed a 49% gain in the past 30 days. Its Year-to-date (YTD) returns are capped at 156%.

Bitcoin Price Defies Cramer and Schiff’s Predictions

Earlier this year, market analyst Jim Cramer expressed skepticism about Bitcoin. He expressed concerns, especially when it was trading below $38,000 in January. However, the price of Bitcoin began to recover after the launch of spot Bitcoin ETFs.

At that time, Cramer advised investors to liquidate their holdings for a reasonable gain. However, many ignored his advice due to his track record.

Similarly, Peter Schiff, a well-known Bitcoin critic, recently criticized MicroStrategy for its $2 Billion investment in Bitcoin. He accused the company of borrowing money and issuing shares to buy more BTC.

Schiff’s stance shifted as the BTC price surged from its previous resistance of $93,000 and approached $100,000. When Bitcoin hit $93,477.11, Schiff suggested that Bitcoin could help address Social Security’s funding issues.

This change in tone from both Cramer and Schiff highlighted their evolving views on Bitcoin.

Key Driver For Bitcoin Price Surge

Since starting the year below $38,000, the BTC price has surged past $99,000. Several vital factors drove it. The most recent catalyst is Donald Trump’s victory in the US elections.

Additionally, the influx of investments from spot Bitcoin Exchange-Traded Funds (ETFs) has significantly boosted Bitcoin’s price.

After reaching an all-time high (ATH) of $73,000 in March 2024, Bitcoin experienced a period of consolidation. However, since November, it has entered a new price discovery phase, consistently setting new ATHs above $73,000.

This rally was further fueled by the US Securities and Exchange Commission (SEC) approving spot Bitcoin ETFs. The Federal Reserve’s decision to cut interest rates has also been crucial for Bitcoin’s growth.

In September, the Fed announced a 50-basis-point rate cut, followed by another 25-basis-point cut in October. The Fed has indicated a slower pace of future cuts.

However, Bitcoin’s positive outlook has led critics like Jim Cramer to reconsider their stance on the cryptocurrency. People are still more optimistic about BTC shootings but also cautious due to the inverse Cramer effect.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.