Jim Cramer, the host of CNBC’s Mad Money, has reversed his opinion on Bitcoin and is now urging investors to reconsider their positions as the cryptocurrency reaches its highest value in a year and a half. Previously, Cramer had advised against investing in Bitcoin but now acknowledges that his earlier assessment was premature.
Bitcoin has seen a significant surge in value, surpassing $38,000 for the first time in 18 months. Over the past month, the cryptocurrency has shown a steady increase of 10%, while Ethereum has also experienced a spike of 17%, reaching its own 18-month peak.
This positive momentum is largely attributed to industry optimism surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). If approved, the ETF would allow traditional financial institutions to gain exposure to Bitcoin without directly holding the cryptocurrency. Analysts believe that such approval could result in a substantial $1 trillion boost for Bitcoin and other digital assets.
Despite previously dismissing cryptocurrencies due to the crypto market collapse in May 2022 and the closure of crypto exchange FTX, Cramer now claims that he has always supported those who have long-term faith in Bitcoin. He encourages individuals to consider purchasing Bitcoin if they believe in its potential.
Cramer’s changing stance on investments has faced criticism from the crypto and finance communities, with some suggesting that going against his advice could be a prudent financial strategy. An inverse Cramer ETF was launched to provide returns opposite of his stock picks.
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