Longtime crypto critic Jim Cramer has made a surprising change of stance by expressing a newfound appreciation for Bitcoin, calling it a "technological marvel" that cannot be killed.
Longtime crypto critic Jim Cramer has made a surprising change of stance by expressing a newfound appreciation for Bitcoin, calling it a "technological marvel" that cannot be killed.
In a recent appearance on CNBC's Squawk on the Street, Cramer acknowledged that Warren Buffett and the late Charlie Munger were blind to the potential of Bitcoin.
"The late Charlie Munger, who was so brilliant on so many things, was blind to this," Cramer said.
Cramer's comments come as Bitcoin crossed the $45,000 mark on January 1, its highest level since April 2022. This is a significant turnaround from Cramer's previous statements, where he expressed pessimism about crypto after the "Crypto Monday" market dump in June 2022.
Cramer's track record of dubious calls has led to the creation of the Inverse Cramer meme and even an Inverse Cramer ETF, which tracks the opposite of Cramer’s stock picks. His recent positive comments about Bitcoin have raised concerns among some crypto enthusiasts, who fear that it may be a sign of an impending market downturn.
Despite his newfound enthusiasm for Bitcoin, Cramer cautioned that not all cryptocurrencies will survive.
"Now, that doesn't mean that every one of these is here to stay," Cramer said. "But I do think that it's about this, a remarkable comeback, that was unexpected. Except for all the bulls who turned out to be right."
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