Jim Cramer, former hedge fund manager and host of CNBC's “Mad Money,” changed his previously bearish stance on Bitcoin (BTC) on Tuesday morning, ahead of expected U.S. regulatory approval of a spot ETF and the price for the first time rose over $45,000 in 21 months.
“You can’t kill this thing,” Cramer told CNBC’s David Faber. “Bitcoin is a technological marvel and I think people need to realize that it is here to stay.” Cramer also took note of another famous Bitcoin skeptic (to put it mildly), saying the late Charlie Munger was “blind been for it.”
Cramer's comments contrast with his comments in early October during the Sam Bankman-Fried trial, when he said he was not interested in taking long positions in the cryptocurrency because “Mr. Bitcoin is on the verge of a major crash.” Previously, Cramer said he sold most of his Bitcoin holdings in 2021 following the mining crackdown in China.
Of course, the former hedge fund investor wasn't a complete bull on Bitcoin this morning. He said not everyone is in it for the long term and suggested the spot ETF approvals could be a “sell-the-news” event.
Bitcoin rose above $45,000 overnight for the first time since early April 2022 as speculation grew that the US Securities and Exchange Commission (SEC) might approve a series of spot Bitcoin ETFs this week. The agency faces a Jan. 10 decision deadline for several ETF applicants.
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