"You can't kill it," Mad Money host Jim Cramer said on CNBC earlier today when discussing the well-known crypto Bitcoin, adding, "It's here to stay," as he called it a "technological marvel" and said that Bitcoin's comeback since 2022's cryptocurrency crash was "remarkable."
While perhaps innocuous to many, these comments were highly concerning for some of the most passionate cryptocurrency investors on X / Twitter given Cramer's rocky history with the sector.
NOW – Jim Cramer says "you can't kill" Bitcoin: "It's here to stay."pic.twitter.com/iIY9rqDve5
— Disclose.tv (@disclosetv) January 2, 2024
At the New Year, the price of a Bitcoin topped $45,000 for the first time since April 2022, around the time of the crypto crash. Cramer, a longtime doubter and "bear" on cryptocurrency, saw this as proof that the "bulls" may have been right all along.
Cramer's endorsement has quickly led many to worry because there's a long-running meme in investment communities about Cramer getting stuff wrong. There's even an investment fund dedicated to doing the opposite of what Cramer recommends.
In Cramer's defense, commentators have called that fund's performance "underwhelming," and he is still a respected commentator on the financial markets and has been for years.
Cramer was also the basis of a meme back in 2012, when Redditors parodied his highly enthusiastic style to endorse memes that seemed to be on the rise.
Bitcoin and other cryptocurrencies do seem to be established in the markets, with many prominent banks and funds invested in cryptocurrency and the market seeming resilient despite several chaotic events over the past few years.
What the future holds is uncertain in terms of regulation and pricing, but one thing that's for sure is that cryptocurrency will remain the most online of all financial assets.