Investing.com | Editor Nikhilesh Pawar
Published Nov 25, 2023 12:34PM ET
In a notable reversal, Jim Cramer, the host of CNBC’s Mad Money, has shifted his stance on Bitcoin, now encouraging those with confidence in its future to invest in the cryptocurrency. This pivot comes as Bitcoin recently surpassed the $37,000 mark, marking a significant year-to-date increase of 125.30%. Following Cramer’s revised guidance today during CNBC’s Lightning Round, there was an immediate uptick in Bitcoin prices, highlighting his influence on market sentiment.
Cramer’s change of heart is particularly striking considering his previous advice. In December 2022, he urged investors to sell Bitcoin when it was trading at $17,150—a position proven to be less favorable as Bitcoin’s value has since climbed by over 115%. The rise in the cryptocurrency’s price is contributing to gains for Bitcoin mining companies as well. CleanSpark (NASDAQ:CLSK) Inc., for instance, saw its shares jump by 7.28% in a single day and 21% over the past five days, attributed to operational expansions and efficiency improvements ahead of an anticipated halving event. Other mining entities like Riot Platforms (NASDAQ:RIOT) and Hut 8 Mining Corp are experiencing similar positive momentum.
The cryptocurrency market is currently awaiting a decision from the U.S. Securities and Exchange Commission (SEC) regarding a spot Bitcoin ETF, which could potentially fuel further growth. This situation underscores the volatile nature of the crypto market and the challenges it poses to traditional financial analysts’ ability to make accurate predictions. Cramer’s latest advice reflects a growing recognition of cryptocurrency as a viable investment option for those who believe in its long-term potential.
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Written By: Investing.com
