Jim Cramer, the eccentric host of CNBC’s finance show “Mad Money”, has recently shifted his stance on Bitcoin (BTC). After spending the past 12 months warning investors away from crypto markets, he now suggests his attitude may have been too bearish, too early.
During a “Mad Money” segment on Wednesday, Cramer said: “If you like Bitcoin, buy Bitcoin – that has always been my view. When you make a lot of money, let’s not look back.”
This statement is in stark contrast to Cramer’s comments from November last year, when he said he would not “touch crypto in a million years.” Three months prior, he warned that the Federal Reserve would soon crash, and told his audience not to “get crypto’d.”
However, in the spring of 2021, Cramer admitted to investing in BTC before taking profits later to pay off his mortgage. At the time, while BTC traded for above $60,000, he suggested being paid in crypto.
These mixed opinions have earned Cramer a reputation for poor market timing. Last December, for example, Cramer told crypto investors that it’s “never too late to sell an awful position” while BTC traded for less than half the price it is today.
Cramer’s current bullish attitude on Bitcoin could be attributed to Cleanspark (CLSK). The stock of one of over a dozen publicly traded Bitcoin miners has rocketed beside BTC this year, up 177% year to date.
Looking ahead, investors may be optimistic about Bitcoin and related investments. Not only is the fated Bitcoin “halving” due in roughly 6 months, but a highly anticipated spot Bitcoin ETF may be approved well before that, potentially inviting institutional capital into the industry.
Nevertheless, some Twitter users have suggested that Cramer going bullish on BTC signals the currency’s impending doom.