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Jim Cramer says he and Block are “Big Fans of Bitcoin”, So Why Has He Changed His Mind?

Last Updated March 26, 2024 11:48 AM
James Morales
Last Updated March 26, 2024 11:48 AM
By James Morales
Verified by Peter Henn

Key Takeaways

  • Jim Cramer recently said he is a big fan of Bitcoin.
  • In the past, however, the CNBC host said he  “would not touch crypto in a million years.”
  • Cramer’s comments on crypto investing often reflect wider market sentiment.

Over the years, Jim Cramer’s crypto journey has been a rollercoaster. After utterly condemning the entire asset class in the immediate aftermath of the FTX scandal, Cramer has since warmed to Bitcoin, reflecting a general mood shift among the investing public. 

From saying that he “would not touch crypto in a million years” Cramer has now done a complete reversal, stating that “we are big fans of Bitcoin” in a recent interview with Block CFO Amrita Ahuja.

Cramer’s Crypto Flip Flops

While Cramer is known to have invested in BTC in the past, in 2021, the CNBC investment pundit said  he sold most of his holdings in response to the Chinese government’s crackdown on crypto mining.

A year later, he made some of his most anti-crypto comments in the immediate aftermath of the FTX scandal, when he said : “I would not touch crypto in a million years.”

After one of the world’s largest centralized cryptocurrency exchanges came crashing down, Cramer berated the lack of regulation, which meant that using third-party custodians required “a lot of blind faith”.

By December 2023, when Cramer was asked about the Bitcoin mining company Cleanspark on an episode  of Lighting Round, his position was less stark. He told viewers that “if you like Bitcoin, buy Bitcoin”. He also told viewers he liked BTC “for a while” but that he had since taken his profits.

Two months later, a Lighting Round viewer asked about Marathon Digital, to which Cramer responded , “I think I want to stay away from Bitcoin.” However, he added that he has “nothing bad to say” to those who choose to hold the cryptocurrency.

Evolving Market Sentiment

Looking back at Cramer’s statements on Bitcoin, from “not in a million years” to being a “big fan,” the stock picker’s attitude to crypto has moved in lock step with the general market sentiment.

When he condemned the entire crypto space in 2022, Sam Bankman-Fried had cast a dark cloud over the entire market. Fast-forward a year and Cramer’s remarks on Lightning Round reflected a cautious move toward acceptance by mainstream investors as Bitcoin ETFs edged closer to approval.

Jim Cramer Endorses Bitcoin 

Post-approval, with institutional Bitcoin investment surging, Cramer told Block’s Amrita Ahuja: “We are big fans of Bitcoin. We are not against it. We think it is a great store hold of value.”

The store of value narrative has become central to Bitcoin’s institutional appeal. The cryptocurrency’s guaranteed scarcity has helped drive billions of dollars into BTC investment products since the start of the year.

However, if history repeats itself, the price of Bitcoin may well come crashing back down in 2025. Perhaps it is even an inevitable part of the crypto market’s four-year boom and bust cycle.

Conventional wisdom suggests billions of dollars of institutional money could help steady the ship. Therefore, things might not be as bad this time around. But if they are, expect Cramer to reign back his endorsement and warn against crypto investing once again.

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