CNBC personality Jim Cramer is suddenly flipping bullish on Bitcoin (BTC) after dismissing the digital asset last year.
In a new episode of CNBC’s Squawk on the Street, Cramer says that Bitcoin has a bright future in the finance world, having survived sharp criticism and other challenges.
“This thing is, you can’t kill [Bitcoin]. And the late [billionaire investor] Charlie Munger, who was so brilliant on so many things, was blind to this…
It’s a reality and it’s a technological marvel. And I think people have to start recognizing that it’s here to stay. The SEC (U.S. Securities and Exchange Commission) has been against it almost the all time. Now that doesn’t mean that every one of these [cryptocurrencies] is here to stay, but I do think that this is a remarkable comeback that was unexpected – except for for all the bulls who turned out to be right.”
Last year, Cramer was warning investors to stay away from Bitcoin and instead invest in gold.
At that time Cramer said,
“Now that Bitcoin has spent the last couple weeks bouncing off its lows, the whole crypto-industrial complex is back in full gear, trying to entice people back in. I think that would be a huge mistake for you.”
Bitcoin is trading for $45,205 at time of writing, up nearly 6% in the last 24 hours.
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