Jim Cramer Declares Bitcoin a 'Technological Marvel' & Predicts Its Longevity

• Jim Cramer Changes His View on Bitcoin Following ETF Anticipation
• Cramer's Shift in Stance
• Contrasting Cramer's Earlier Remarks
• Cramer's Caution and Bitcoin's Rise

Jim Cramer Changes His View on Bitcoin Following ETF Anticipation

Notably, the former hedge fund manager and CNBC's Mad Money show host, Jim Cramer, adjusted his previously bearish perspective on bitcoin (BTC) on Tuesday morning. This comes ahead of the anticipated U.S. regulatory approval of a spot ETF and the price of bitcoin surpassing the $45,000 mark for the first time in 21 months.

Cramer's Shift in Stance

During his discussion with CNBC's David Faber, Cramer made a significant statement, This thing, you can't kill it, highlighting the resilience of bitcoin. His statement emphasized that Bitcoin$42,260 -0.64% is a technological wonder that needs to be recognized for its staying power. He also mentioned the late Charlie Munger, a well-known Bitcoin skeptic, suggesting that Munger was blind to this.

Contrasting Cramer's Earlier Remarks

It's important to note that Cramer's recent comments contrast sharply with his remarks in early October, during the Sam Bankman-Fried trial. At that time, he had clearly stated his lack of interest in investing in crypto, claiming that Mr Bitcoin is about to go down big. Furthermore, Cramer had mentioned in the past that he had liquidated most of his bitcoin holdings in 2021 following the crackdown on mining in China.

Cramer's Caution and Bitcoin's Rise

Despite his change in opinion, Cramer didn't seem fully bullish on bitcoin, suggesting that not all current bitcoin investors are in it for the long-term. He also hinted that the anticipated spot ETF approvals could potentially trigger a sell the news event. In the meantime, Bitcoin's value overnight exceeded $45,000 for the first time since early April 2022. This comes amid speculation that the U.S. Securities and Exchange Commission (SEC) might approve several spot bitcoin ETFs in the coming week. It's worth noting that the agency faces a January 10 deadline for decisions on several ETF applications.

Edited by Jonathan Stoker