Jim Cramer, the host of CNBC’s Mad Money show, says bitcoin is topping out. He recently said bitcoin cannot be killed, emphasizing that “It’s a technological marvel, and people have to start recognizing that it’s here to stay.” Cramer’s remarks followed a surge in the crypto market, with bitcoin surpassing $47,000 on Monday, driven by growing optimism surrounding the potential approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
Jim Cramer Thinks Bitcoin Is Topping Out
Jim Cramer said during Mad Money’s Lightning Round on Monday that bitcoin is topping out. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.
Responding to a question by a caller asking about stocks like Riot Platforms (Nasdaq: RIOT) and Marathon Digital (Nasdaq: MARA), Cramer exclaimed:
Let’s stop fooling around. If you want bitcoin, buy bitcoin. I think bitcoin is topping out, by the way.
Many investors are opting to acquire stocks of companies associated with cryptocurrencies or possessing significant exposure to bitcoin, choosing this indirect approach over purchasing the digital coins directly. Besides Riot Platforms and Marathon Digital, popular choices include Microstrategy (Nasdaq: MSTR) and Coinbase (Nasdaq: COIN).
Bitcoin’s recent rally, exceeding $47,000 on Monday, is fueled by growing anticipation of the U.S. Securities and Exchange Commission (SEC) granting approval for spot bitcoin exchange-traded funds (ETFs). The securities regulator to is expected to approve a handful of applicants on Wednesday.
Last week, the Mad Money host said you can’t kill bitcoin, adding that the late Charlie Munger, former Warren Buffett’s right-hand man, was blind to it. He stressed: “It’s a technological marvel, and people have to start recognizing that it’s here to stay.”
The “Cramer effect” has become a popular meme in the crypto world, with many observing that BTC often does the opposite of what Cramer predicts. If he’s bullish, expect a bearish swing, and vice versa. Following Cramer’s bitcoin topping-out comment, one X user said: “We’re going to the moon.” Another wrote: “So, bitcoin $500,000 is indeed coming.” Lawyer John Deaton wrote: “Glorious news. Literally, bought more bitcoin.”
Cramer was once a bitcoin supporter. After initially recommending a 5% portfolio allocation to BTC in March 2021, he divested his holdings due to ransomware concerns and China’s mining crackdown. Cramer later disclosed an investment in ether (ETH) but raised alarms about Binance, FTX, and Tether. By December 2022, he strongly advised investors to exit the crypto market, citing anticipated SEC actions against non-compliant crypto firms.
What do you think about Mad Money host Jim Cramer’s statement about bitcoin? Let us know in the comments section below.
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