The host of CNBC’s Mad Money has come out and said that the tide may be turning against Bitcoin. He’d previously indicated that it was possible for the crypto asset to reach $1 million one day.
Is the Sun Setting on Bitcoin?
Former hedge fund manager Jim Cramer was speaking yesterday on CNBC’s Squawk on the Street when he made his comments.
Speaking in an interview, the Mad Money host said:
I think the tide has turned against it. I’m not saying its time has passed but there is a notion that the sun seems to be setting.
Notably, in June, Cramer said that Bitcoin had the potential of reaching $1 million one day. He said this was because companies were stockpiling the crypto asset to pay off cyber threats. Now, though, it appears that his sentiment toward BTC is changing.
This, however, is understandable. Since the beginning of the year, the crypto asset has not fared well in value. Mid-December, it was trading within touching distance of $20,000. Fast-forward to mid-August and Bitcoin briefly dipped below $6,000 yesterday. At the time of writing, it has rallied slightly to $6,400, according to CoinMarketCap.
Traction Will Come
Cramer’s opinion on whether the sun may be setting on Bitcoin is something that very few people will agree with.
One, in particular, is Meltem Demirors, chief strategy officer at digital asset manager CoinShares. In a report published yesterday, she said that the value of Bitcoin will come in time as it gains more traction and growth.
She added that:
New technologies that shift the paradigm take a long time to really understand.
In the case of Cramer, it may be that he changes his tune again when Bitcoin’s value increases. Last month, Barry Silbert, the founder and CEO of the Digital Currency Group, said that the cryptocurrency was “here to stay.” Confident of where it is heading, he added that Bitcoin’s price has probably bottomed for the year.
Varying opinions on the price of Bitcoin and where it’s heading will continue. That’s expected. What’s interesting to note, though, is that many people are always quick to see the bad in it. Considering the good it’s doing – giving people access to finance, as one example – you would think that people would be more embracive of it.
That, though, is not the case. Its price will continue to go up and down just as it happens in the stock market. But saying the sun has set on Bitcoin is a considerable stretch of the imagination.
Do you think the tide is changing toward Bitcoin? Let us know in the comments below.
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