By “If You Like Bitcoin, Buy Bitcoin” – Financial Analyst Jim Cramer Admits He Was Wrong On Bitcoin
Last updated: November 24, 2023 04:06 EST
. 2 min read
Financial analyst Jim Cramer has admitted he was wrong on the direction of Bitcoin (BTC) as he previously urged users to sell the asset.
In a part of his CNBC Mad Money show where he advises callers on assets to increase their exposure to dump, he revealed his present stance on investors acquiring Bitcoin.
He replied to a caller who asked about the profitability of acquiring shares in Bitcoin miner CleanSpark (CLSK) and replied rather positively urging anyone who loves Bitcoin to go for it.
“Look, if you like Bitcoin, buy Bitcoin. That has always been my view. And for a while, I liked it, and I decided that money had been made, but I was premature.”
Cramer added that he made a lot of money from his exposure to the asset in previous years.
Bitcoin and miners uptick
Coming off 2022, the entire digital asset sector including the mining industry faced headwinds as asset prices continued to plunge with weakened investor sentiment after the collapse of Terra, FTX, and bankruptcies recorded by several firms.
Bitcoin fell over 57% and with low prices and increasing energy prices, miners struggled to stay afloat leading to plunging shares and a prolonged turbulent window for publicly traded ones.
However, a lot seems to be changing in the mining ecosystem with the price of Bitcoin now over $37,000 marking a 125.30% year-to-date (YTD) wiping out sharp losses among miners and traders.
Bitcoin miners like CleanSpark, Riot Platforms, and Hut 8 have recorded stock growth as many are keen on active expansion to increase capacity and efficiency ahead of the next halving predicted to come in April.
In the last 24 hours, CleanSpark has soared 7.28% and a massive 21% in the past five days. Bitfarms LTD is up 1.75% over the past day while Riot Platforms and Marathon Digital are up 3.85% and 5.92% respectively.
Both platforms are also up 13% and 11% respectively in five days reflecting the huge turn in Bitcoin mining.
Cramer’s dicey Bitcoin predictions
Although this latest advice to “buy Bitcoin” comes at a time of price recoveries, Cramer is not a pro-Bitcoin enthusiast as he has previously urged investors to sell during bear markets.
In December 2022, Cramer urged investors to sell their assets when it traded for $17,150 describing the position as awful and adding that it’s never too late to sell. Presently, the market leader has surged over 115% with bulls hoping to ignite another run on the back of a possible spot BTC ETF approval by the Securities and Exchange Commission (SEC).
Cramer is not the first traditional finance analyst who has made wrong predictions in the past on the market due to certain factors including high volatility and a bearish outlook.
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