Mad Money host, Jim Cramer has backed down from his initial skepticism about Bitcoin investments, now encouraging people to buy and invest in BTC.
Cramer Advocates Bitcoin Investments
Jim Cramer, a TV host for the American investment advice show, Mad Money has shocked the crypto community with his sudden endorsement of Bitcoin.
Earlier in December 2022, when BTC was trading above $17,000 Cramer had urged investors to sell off all their Bitcoin assets. The investment advisor had encouraged investors to steer clear of the cryptocurrency, citing that it was never too late to sell an awful position.
Now in his recent investment advice show published on YouTube on Thursday, Jim Cramer has reversed his earlier perceptions of the cryptocurrency.
When an investor inquired about whether to buy or sell Bitcoin, Cramer promptly responded by encouraging investors to purchase BTC. He stated that he had made a lot of money from investing in BiBTCtcoin, labeling his previous negative assessment of the cryptocurrency as “premature.”
“Look, if you like Bitcoin, buy Bitcoin. That has always been my view. And for a while, I liked it, and I decided that money had been made, but I was premature,” Cramer stated.
Cramer’s change of heart regarding BTC could be attributed to the rising value of the cryptocurrency. From the time he advised against Bitcoin in 2022, till the present, BTC value has grown considerably. Many investors have made staggering profits from investments in the cryptocurrency. Similarly, there have also been many losses due to market volatility.
Nevertheless, Cramer’s changed perspective on BTC could mean the investment advisor sees more potential and increased value for the cryptocurrency.
BTC Bullish Sentiment Grows
Many investors are currently undecided about holding, buying, or selling out their BTC assets. These uncertainties come at a time when BTC’s bullish sentiment is growing to the levels of 2021 where BTC rose to an unprecedented all-time high of $68,789.63.
There have been many price predictions for the cryptocurrency from various Industry experts. Most of these BTC projections rely on factors such as the upcoming Bitcoin halving and the possible approval of Spot Bitcoin ETFs to spark BTC’s bullish momentum.
The price of BTC has already crossed the $37,000 mark and is trading at $37,496.50 at the time of writing, according to CoinMarketCap. This price increase is one of the highest seen this year, and it has greatly amplified the surrounding optimism about a potential bullish position for Bitcoin.
BTC price crosses $37,800 | Source: BTCUSD on Tradingview.com
Featured image from Investing News Network, chart from Tradingview.com