In a plot twist, CNBC Mad Money host Jim Cramer subtly endorsed the flagship cryptocurrency Bitcoin (BTC).
Specifically, the TV personality called Bitcoin a “winner” while conversing with a caller during his show’s ”Lightning Round” segment.
This unexpected flip comes as the crypto nears $100,000. As per current market data, the leading crypto is currently trading at $98,620.37.
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167% Returns YTD
As the United States 2024 elections passed, it brought a massive price boom for Bitcoin and altcoin.
Since the beginning of this month, the market has improved significantly, with gains going as high as 50% for digital assets like Solana (SOL).
Bitcoin’s present price results from a 10.89% rally in the last seven days and 50.58% in 30 days.
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Its Year-to-date (YTD) returns are capped at 167.85%. Hence, it is unsurprising that some critics who previously maintained a bearish stance have not changed their minds.
Cramer even said he prefers to own the cryptocurrency directly rather than invest in MicroStrategy. This reference is apt as MicroStrategy is the largest corporate holder of Bitcoin.
“I know it’s a Bitcoin play, I prefer to actually own Bitcoin, I know that Citron put some sort of short on it. All I can tell you is own Bitcoin, that’s a winner,” the Mad Money host explained.
Bitcoin Proves Cramer and Schiff Wrong
Jim Cramer is one of those market analysts who voiced their skepticism about BTC earlier in the year. It traded below $38,000 in January but soon began a recovery streak after spot Bitcoin ETFs went live.
At the time, Cramer felt it was a good time for investors to get a reasonable gain from their holdings.
As he is known to do, he offered the unsolicited advice of liquidation, but many paid him no mind judging from his precedent.
Peter Schiff is another vocal critic who constantly anticipates the coin’s demise. A few days ago, he publicly criticized MicroStrategy for placing a $2 billion bet on Bitcoin.
Schiff also criticized the business intelligence software firm for borrowing money and issuing shares to acquire more BTC. However, after the crypto asset reached $93,000, Schiff also began to see it differently.
When it reached a new all-time high of $93,477.11, he suggested that it could solve Social Security’s funding challenges. Like Jim Cramer, this suggestion underscores Schiff’s possible change of stance.
Catalysts of the Price Rally
From its less than $38,000 price level in January, Bitcoin has now topped $99,000 now. Much of this growth is attributed to several catalysts, the most recent being Donald Trump’s victory in the US elections.
The inflows from spot Bitcoin Exchange-traded Funds (ETFs) have also contributed to the upsurge in price.
Noteworthy, BTC hit its first ATH above $73,000 since November 21 in March this year. The rally came after the US Securities and Exchange Commission (SEC) approved spot Bitcoin ETF.
Also, the Federal Reserve’s decision to cut interest rates remains pivotal to the coin’s growth. In September, the bank announced a 50-basis-point interest rate cut. Another 25 basis point cut followed in October
Though the Federal Reserve has hinted at slower pace of cuts moving forward, Bitcoin’s outlook has forced critics like Cramer to change their minds about the coin.
