CNBC's Mad Money host Jim Cramer praised Bitcoin this week.
During a recent episode of the show Squawk on the Street, Jim Cramer changed his bearish outlook towards Bitcoin and praised the cryptocurrency as A “technological marvel” that is here to stay.
Cramer, known for making some of the most erroneous financial predictions in history, once again took a bullish stance on Bitcoin, stating that it is an innovative technology that “You can't kill".
Interestingly, the price of Bitcoin corrected to $40.800 per BTC, falling by nearly 10%, following Cramer's praise for the cryptocurrency.
However, one of the reasons that probably caused the correction in the Bitcoin price was the report published by the Matrixport platform, in which it noted that the SEC was likely to reject Bitcoin ETF applications this month.
Bitcoin is an indestructible technology
Cramer shared his thoughts on Bitcoin with David Faber, co-host of the show Squawk on the Street, from CNBC.
During the show, the TV host and former hedge fund manager acknowledged the potential of the most powerful and capitalized cryptocurrency on the market. He said that people need to start realizing that this is an innovative and indestructible technology that will exist forever.
“Bitcoin is a technological marvel and I think people need to start recognizing that it is here to stay”, Cramer noted.
The presenter of Mad Money He also took the opportunity to criticise Charlie Munger, one of the best-known American investors in the world and one of the biggest opponents of Bitcoin. Munger, who passed away last November, had compared Bitcoin to a venereal disease. However, Cramer believes that Munger “was blind” and could not see the great potential that Bitcoin has.
Jim Cramer's recent comments contrast with the stance he took towards cryptocurrency during the trial of former FTX CEO Sam Bankman-Fried in October, when he said he was not interested in holding a long position in Bitcoin.
Prior to this, in 2021, Cramer revealed that he had sold most of his Bitcoin holdings, following the Chinese government's crackdown on Bitcoin mining and trading activity. Interestingly, since then, the price of Bitcoin has appreciated by more than 30% and, in the last year, it has appreciated by more than 150%.
Source: CoinMarketCap
Continue reading: How much BTC is in spot ETFs and Bitcoin futures ETFs?
