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“If You Like Bitcoin, Buy Bitcoin” – Financial Analyst Jim Cramer Admits He Was Wrong On Bitcoin

Financial analyst Jim Cramer has openly acknowledged his earlier misjudgment regarding the trajectory of Bitcoin (BTC). Previously advising viewers to divest from the cryptocurrency, he has now revised his position during a segment of his CNBC Mad Money show, where he counsels callers on asset decisions.

Addressing a caller’s inquiry about the profitability of investing in shares of Bitcoin miner CleanSpark (CLSK), Cramer responded affirmatively, encouraging those with an affinity for Bitcoin to consider such investments.

Cramer expressed, “Look, if you’re a fan of Bitcoin, go ahead and invest in Bitcoin. That has always been my standpoint. At one point, I favored it, but I believed gains had been realized, though my timing was off.”

He went on to reveal that he had previously gained significant profits from his involvement with the cryptocurrency in earlier years.

Bitcoin and miners uptick

As 2022 concluded, the entire digital asset sector, including the mining industry, grappled with challenges. Asset prices witnessed a continuous decline, and investor confidence waned further following the collapse of Terra, FTX, and the bankruptcy declarations from various firms.

Bitcoin, in particular, experienced a significant drop of over 57%. Coupled with low prices and escalating energy costs, miners found it challenging to sustain operations, resulting in plummeting shares and an extended period of turbulence for publicly traded mining entities.

However, a notable shift is underway in the mining ecosystem, coinciding with Bitcoin’s resurgence to a value exceeding $37,000. This marks a remarkable 125.30% year-to-date (YTD) increase, effectively erasing the substantial losses previously incurred by miners and traders.

Bitcoin mining companies such as CleanSpark, Riot Platforms, and Hut 8 have seen notable growth in their stock values, driven by a proactive approach to expanding their capacities and improving efficiency in anticipation of the upcoming halving projected for April.

In the most recent 24 hours, CleanSpark has experienced a remarkable surge of 7.28%, with an even more substantial increase of 21% over the past five days. Bitfarms LTD has observed a 1.75% uptick in the last day, while Riot Platforms and Marathon Digital have witnessed increases of 3.85% and 5.92%, respectively.

Over a broader time frame, both Riot Platforms and Marathon Digital exhibit impressive gains of 13% and 11%, respectively, over the past five days, indicative of the significant upturn in the Bitcoin mining sector.

Cramer’s dicey Bitcoin predictions

While Jim Cramer’s recent recommendation to “buy Bitcoin” coincides with a period of price recovery, it’s important to note that he is not a steadfast proponent of Bitcoin, having previously advised investors to sell during bear markets.

In December 2022, Cramer suggested selling assets when Bitcoin was trading at $17,150, describing the position as unfavorable and asserting that it’s never too late to sell. Since then, the cryptocurrency market leader has surged by over 115%, with optimistic investors anticipating a potential rally, especially if the Securities and Exchange Commission (SEC) approves a spot Bitcoin exchange-traded fund (ETF).

Cramer’s experience is not unique among traditional finance analysts, as the cryptocurrency market’s high volatility and unpredictable shifts often lead to incorrect predictions and a bearish outlook from even seasoned analysts.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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