Jim Cramer Has Backed Bitcoin After It Surged 170%

American television personality and former hedge fund manager Jim Cramer has changed his stance towards crypto and Bitcoin yet again. In a flip to a more bullish perspective, he may have just jinxed the rally that has seen BTC hit its highest price for almost two years.

CNBC’s “Mad Money” host and crypto perma-bear has changed his tune. On January 2, he made another U-turn on his outlook for digital assets following Bitcoin’s push above $45,000.

Can Bitcoin Rally Sustain the Reverse Jim Cramer Effect? 

“This thing … you can’t kill it,” Cramer exclaimed. The late billionaire investor Charlie Munger, who derided Bitcoin at every opportunity, “was blind to this,” he added. 

“Its a reality and a technological marvel and I think people have to start recognizing that it is here to stay.”

Jim Cramer on CNBC. Source: X/@MilkRoadDaily
Jim Cramer on CNBC. Source: X/@MilkRoadDaily

“This was a remarkable comeback that was unexpected, except for all the bulls who turned out to be right,” he said.

On the same show in January 2023, he said: “Anything crypto, I think sell sell sell.” 

He first indicated a more bullish outlook in November 2023 when he said, “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.”  

Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know

However, Cramer’s crypto capitulation could be a precursor to poor performance or a correction, known in crypto circles as the “reverse Cramer” effect.

This phenomenon has also led to the launch of reverse Cramer ETFs, allowing investors to bet against him.

Sell The Dip, Buy The Peak 

In June, Cramer advised investors to exit crypto markets as regulatory pressure in the US intensified. Looking back, that period would have made a good entry as most crypto assets had tumbled and were in a long consolidation.

He also advised selling at the bottom of the market cycle in December 2022. “The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets,” he said at the time. 

Cramer’s ‘sell the bottom and buy the top’ advice has largely been seen as a source of entertainment among crypto investors who largely ignore the pundit. 

Bitcoin markets remain unfazed by his antics, with the asset moving very little over the past 24 hours. At the time of press, BTC was changing hands for $45,352, close to its 21-month high. 

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