In a surprising twist, former hedge fund manager and CNBC’s Mad Money host, Jim Cramer, has made a noteworthy U-turn on his stance towards Bitcoin (BTC), tacitly admitting his earlier skepticism was misplaced. Cramer, who has been known for his critical views on Bitcoin, now encourages people to buy and invest in the flagship cryptocurrency. This revelation comes as Bitcoin experiences a remarkable rally, reaching an 18-month high, accompanied by substantial gains in Ethereum.

Cramer Admits Misjudgment of Bitcoin

Jim Cramer’s change of heart became evident during a recent segment of the Mad Money show, where he responded to a caller inquiring about acquiring shares in Bitcoin miner CleanSpark. Cramer’s surprising response suggested a significant shift in his perspective on Bitcoin.

“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 admitted during the show.

This admission from Cramer is particularly noteworthy given his history of expressing skepticism about Bitcoin. In December 2022, when Bitcoin was valued around $17,100, Cramer advised investors to sell all their cryptocurrency, regardless of the cost, asserting that it was “never too late to sell an awful position.”

Bitcoin’s Soaring Performance and Market Dynamics

Cramer’s change of heart aligns with a euphoric rally in Bitcoin’s price. The cryptocurrency recently surpassed the $38,000 mark, marking its highest value in 18 months. Over the last month, Bitcoin has seen a substantial 10% growth, driven by increased optimism surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).

The anticipation of a Bitcoin ETF approval has injected bullish momentum into the market, offering traditional institutional investors a more accessible avenue for exposure to Bitcoin without the complications of self-custody.

Cramer Turns Bullish: Is it Bearish for Bitcoin?

Jim Cramer’s history with Bitcoin has been marked by inconsistent calls, with his previous negative stance earning him attention in the crypto community. Some observers, however, question whether Cramer’s newfound confidence in Bitcoin could have unintended consequences for the cryptocurrency.

Cramer’s track record of making incorrect calls has led to tongue-in-cheek suggestions for “Inverse Cramer ETFs,” financial instruments that would automatically invest in the opposite of Cramer’s recommendations. As he now turns bullish on BTC, debates arise about whether this shift in sentiment could potentially impact Bitcoin’s market dynamics and erase gains registered in the past month.

Despite Bitcoin being significantly below its historic high of $69,044 reached during the 2021 bull market, the cryptocurrency has still exhibited impressive growth, trading up over 100% since the beginning of the year.

As the crypto community grapples with the unexpected endorsement from a previously skeptical figure like Jim Cramer, the evolving dynamics of Bitcoin’s market and the broader implications of this U-turn will undoubtedly be closely watched in the coming weeks. The crypto saga continues, with each twist and turn contributing to the narrative of this ever-evolving digital asset landscape.