Jim Cramer: Bitcoin cannot be killed, is here to stay

2024-01-02 12:41:40

Economic analyst Jim Cramer asserts that Bitcoin’s recent resilience and technological prowess signal its permanence as it surges past $45,000 amid anticipation of a spot Bitcoin ETF approval.

He confidently stated, “You can’t kill Bitcoin,” and emphasized its permanence, declaring it “here to stay.” Cramer further commended Bitcoin (BTC) as a “technological marvel” due to its perseverance despite challenges.

The context for Cramer’s comments lies in Bitcoin’s recent surge above $45,000, a milestone not reached since 2022. The anticipation of imminent approval for a spot Bitcoin ETF is seen as a potential catalyst that could drive the cryptocurrency’s price even higher, with expectations for approval as early as next week.

Cramer’s optimism is rooted in the remarkable resilience Bitcoin has displayed over the past year, even in the face of regulatory scrutiny from entities like the US Securities and Exchange Commission (SEC) and its chair, Gary Gensler. Cramer’s belief in Bitcoin’s longevity contrasts with the skepticism expressed by some notable figures, including the late Charlie Munger.

Despite Jim Cramer’s bullish stance on Bitcoin, the Inverse Cramer theory suggests caution. Some investors might interpret Cramer’s optimism as a contrarian indicator, sparking concern about market overheating. According to this theory, when Cramer expresses confidence, it could a shift in sentiment, with investors turning bearish and selling positions.

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