Jim Cramer, the host of the CNBC television show “Mad Money,” has reversed his previous bearish view of cryptocurrencies and now says that Bitcoin (BTC) is likely “here to stay.”
Speaking on camera during a recent show, Cramer said of Bitcoin: “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’s reversal comes ahead of what's expected to be U.S. regulatory approval of a spot Bitcoin ETF, and as the price or Bitcoin has gained more than 150% over the last 12 months.
As recently as October 2023, Cramer had remained extremely skeptical of Bitcoin and bearish on the entire cryptocurrency market.
Cramer had previously owned Bitcoin himself, but said he sold most of his holdings in 2021 after the Chinese government cracked down on cryptocurrency mining operations.
However, Cramer cautioned his viewers on CNBC that approval of a spot Bitcoin ETF could prove to be a “sell the news” event and send cryptocurrency prices lower.
Bitcoin, the largest cryptocurrency by market capitalization, is currently trading at $42,815 U.S., having risen 157% over the past year.
