Jim Cramer Switches to a Bullish Outlook on Bitcoin – Will the Reverse Cramer Curse Continue to Impact?

Jim Cramer. Source: CNBC

Jim Cramer – the eccentric host of CNBC’s financial show “Mad Money” – has turned bullish on Bitcoin (BTC), signaling to some investors that it may be time to sell.

The famous commentator has spent the last 12 months urging investors to stay away from the crypto markets, despite Bitcoin’s (BTC) phenomenal performance during that time. Now, in his latest about-face, he says his stance on the asset may have been too pessimistic and too early.

“I liked it for a while, then I decided, you know what? The money was made,” Cramer said Wednesday during a Mad Money segment about Bitcoin. “But I was premature.”

“If you like Bitcoin, buy Bitcoin – that has always been my view,” Cramer added. “When you make a lot of money, we don’t look back.”

Still, Cramer’s tone on crypto has changed significantly over the past two years. Following FTX’s collapse last November, Cramer claimed he “wouldn’t touch cryptocurrencies in a million years.” Three months earlier, he warned that the Federal Reserve would soon collapse and urged his listeners not to get “cryptoized.”

But in spring 2021, Cramer admitted to investing in BTC before later taking profits to pay off his mortgage. Back when BTC was trading for over $60,000, he had even suggested getting paid in crypto.

Whatever his opinion, Cramer is notorious for his often poor market timing. Last December, for example, Cramer told crypto investors that it was “never too late to sell a terrible position,” while BTC was trading for less than half of today’s price.

Last year, many even petitioned the SEC to introduce “inverse Cramer ETFs,” designed specifically to invest in funds that Cramer had advised investors to avoid.

Reason to be bullish

Cramer’s Wednesday comments were in response to a listener’s question about the stock of Cleanspark (CLSK), one of over a dozen publicly traded Bitcoin miners that have surged alongside BTC this year.

Up 177% year to date, companies like Cleanspark are often bought as leverage on BTC or as a near-equivalent for investment managers who don’t have direct access to BTC itself. Miners and other BTC-adjacent companies like Coinbase (COIN) and MicroStrategy (MSTR) are outperforming BTC itself.

Going forward, investors have reason to be optimistic about all of these investments. Not only is Bitcoin’s fateful “halving” due in about six months, but a highly anticipated spot Bitcoin ETF could be approved well before then, attracting previously committed institutional capital to the industry.

Of course, it’s not a good omen that Cramer is bullish on BTC – and to some, it even signals the currency’s impending demise.

Today Jim Cramer: “I was wrong about Bitcoin”

HE DOES THIS EVERY TIME https://t.co/j53vu2r6Wp

– Not Jim Cramer (@CramerTracker) November 25, 2023

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