Jim Cramer incredulously comments on the current bull run in the crypto market, stating “what has Bitcoin ever done for humanity?”. The price of BTC is up over +150% since the Mad Money host advised investors to ignore the cryptocurrency.
Jim Cramer: “impressive, what has Bitcoin ever done for humanity?”
The well-known host of Mad Money on CNBC and Squawk on the Street, Jim Cramer, returns to comment on Bitcoin, albeit in a more “skeptical” way.
“Jim Cramer says ‘what has #Bitcoin ever done for humanity?’ $BTC has risen 156% since he told investors to sell 11 months ago.”
Jim Cramer couldn’t contain his amazement about the current bull run of Bitcoin and the entire crypto market, with BTC surpassing the price of 63,000 yesterday.
And in fact, his phrase “what has Bitcoin ever done for humanity?”, highlights how the biggest detractor of Bitcoin is remaining “fascinated” by its current performance.
At the time of writing, BTC is trading at $62,500, while its market cap has risen to $1.230 billion.
Jim Cramer and his invitation to ignore Bitcoin from last August 2023
The current amazement of Cramer also stems from his previous statement last August 2023, in which he urged investors to ignore Bitcoin.
Cramer, who was also a hedge fund manager in the USA, during an episode of “Squawk on Street”, had invited investors to pay attention to BTC, and to prefer gold instead.
Therefore, a confirmation of his anti-crypto position, which, however, had already been taken into consideration at that time by various supporters of the crypto world as a prophecy in reverse.
There are indeed those who have considered that every time Cramer speaks badly of Bitcoin, the currency experiences a bullish rally. Making fun of Cramer and Bitcoin, there are those who mocked the TV host by stating that his invitation was a “bottom signal”.
Well, if we consider the period from August 2023 to today, Bitcoin has recorded a price pump of over +150%.
Bitfinex’s forecasts speak of BTC at $100,000
While some are still “raising awareness” about what Bitcoin is and what it does, there are others who instead share their great optimism for the future of BTC.
Recently, Bitfinex analysts shared their bitcoin price forecast, stating that there is the potential to reach $100,000 or $120,000 by the fourth quarter of 2024.
This forecast is based on the effects of the introduction of ETFs on Bitcoin spot at the beginning of the year, as an increase in “passive demand”. In practice, for Bitcoin ETF investors, the queen of crypto is perceived as a store of value, rather than a volatile tradable asset.
Not only that, during this year there will be theBitcoin halving which, historically speaking (but not officially), generally precedes a new year of BTC price bull run.