A recent post by Jim Cramer about Bitcoin (BTC) on
Cramer is skeptical about Bitcoin
His post statement on X reads
“I’ll get in touch with Larry Williams. Big spike in Bitcoin… BIG spike.”
This post suggests that Cramer is confident that Bitcoin will not grow beyond current levels despite the Bitcoin ETF hype. This comes as a surprise to the public, considering that just a week ago Cramer openly expressed his confidence in Bitcoin as a lasting asset.
Additionally, a few days into the new year, Cramer used the X app to express his opinion Skepticism about cryptocurrencies, predicts “another weak year for crypto.” For someone who has always been pessimistic about digital currencies, his skepticism didn't have much significance for the crypto ecosystem at the time.
Rather, the industry was concerned about how he could come to such a blunt assessment given that the emerging industry has demonstrated extreme resilience.
Cryptocurrency adoption and integration has increased significantly as institutional investors become more open to this asset class. This openness was reflected in the US Securities and Exchange Commission's (SEC) recent call for the approval of spot BTC ETFs, seen earlier this week.
BTC is fluctuating below $46,000
To add to Jim Cramer's call, the price of Bitcoin is now trading lower Setback under $46,000 A few days earlier. At press time, the flagship cryptocurrency was trading at $45,185.83, indicating a 6.5% decline over the last 24 hours.
In the 24 hours since the spot Bitcoin ETF began trading, Bitcoin has grown between two extremes from a low of 2.5% $44,531.55 to a high of $46,977.82 before consolidating to the current price.
Before it finally arrived two days ago, it was eagerly awaited Spot Bitcoin ETF approval from SECI would serve as a positive driver for the price of Bitcoin. However, there wasn't much green light when it came to Bitcoin, because that's all there was Price increases for the coin. At the same time, it may be too early to make an on-site statement about the influence of the Bitcoin ETF on the Bitcoin price, as it could take a reverse course in the coming days.
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