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CNBC's Jim Cramer Now Owns Bitcoin. Has He Changed His Mind About Crypto?

Thu, 10/09/2020 - 18:34
CNBC's Jim Cramer Now Owns Bitcoin. Has He Changed His Mind About Crypto?
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CNBC’s most famous stock market pundit Jim Cramer has been convinced to get into Bitcoin by Morgan Creek Digital co-founder Anthony Pompliano.

Pompliano says that a new podcast episode that features Cramer will be out on Monday, Sept. 14.     

From $1,000,000 to annihilation

Over the past three years, Cramer has been sending mixed signals about the world’s largest cryptocurrency.

Back in June 2017, he made a wild guess that BTC could eventually reach $1 mln because it’s the darling of ransomware criminals.

According to the “Mad Money” host, European banks would need to hoard crypto to pay off “bad guys”: 

“When you get hit and you’re not sure how to do bitcoin, these cyberattackers have customer service desks.”

When Bitcoin was nearing its all-time high of $20,000 in December 2017, Cramer predicted that the launch of Bitcoin futures by Cboe would “annihilate” the top cryptocurrency:

“Once this thing starts trading the futures, they are just going to kibosh it. You’re going to see a lot of shenanigans”

After BTC tanked below $6,000 in August 2018, Cramer noted that the tide had turned against crypto:

“I’m not saying its time has passed but there is a notion that the sun seems to be setting.”


The Bitcoinization of CNBC  

Cramer’s Bitcoin U-turn is similar to that of his fellow CNBC veteran and “Squawk Box” co-host Joe Kernen.

After initially dismissing BTC and likening it to the Tulip mania, the latter eventually turned turned into a Bitcoin bull, which earned him his “Crypto Dad” moniker:

“I’m like a god. Millennials are like holding me up… I love them, they’re so smart.”

His co-anchor Andrew Ross Sorkin is yet to get bitten by the Bitcoin bug. In 2013, he slammed it as a “second-rate version of gold.”    


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