Jim Cramer, renowned TV anchor and longtime critic of Bitcoin (BTC), has made an unexpectedly bullish statement about the flagship cryptocurrency. In a video clip shared by The Bitcoin Historian on X, Cramer spoke highly of the positive impact of BTC.
Jim Cramer acknowledges Bitcoin as hedge
Cramer noted that “Bitcoin is a hedge against the U.S. budget deficit.” In his analysis, the cryptocurrency could prevent nations from experiencing economic hardship, which could lead to political instability.
According to Cramer, an unnamed worker five years ago took his paycheck and invested in Bitcoin. Notably, that was when the asset traded for less than $50,000 on the market. Interestingly, the investment has paid off, and the worker no longer has to work but is still living comfortably.
Cramer’s viewpoint suggests that Bitcoin could serve as a protective asset against hyperinflation or economic instability. The critic’s open acknowledgement of the potential of BTC is shocking given his past skepticism toward digital currencies.
It might indicate that Cramer is shifting ground, having seen the positive impact of a Bitcoin investment. Or, he may have been influenced by recent economic trends and the growing adoption of Bitcoin by traditional institutions as a store of value.
Regardless, his views align with those of Anthony Pompliano, CEO of ProCap, who believes that the U.S. government will soon start buying Bitcoin.
Bitcoin: Praise or warning from “Cramer Effect?”
Cramer’s comments have sparked debate among users in the crypto space. Some consider that the Bitcoin critic is finally appreciating the value of the asset after previously dismissing it.
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However, others argued that, given Cramer’s bullish stance on Bitcoin, the price is about to reverse its gains due to the “Jim Cramer Effect.”
As of press time, Bitcoin is changing hands at $118,281.25, which reflects a 0.34% decline in the last 24 hours. The coin dropped from a peak of $119,273.87 to its current level. Despite the slight dip, trading volume is up by 11.86% to $67.6 billion as transaction maintains an uptick.