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

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Thu, 09/10/2020 - 18:34
Alex Dovbnya
Jim Cramer finally gets into Bitcoin after predicting that It would get "annihilated"
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.”

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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.”    

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.