Jim Cramer touts bitcoin's 'remarkable comeback' and says it's a technological marvel

In what's become a slow-moving reversal, Jim Cramer praised Bitcoin's "remarkable comeback" on Tuesday, adding that he now thinks "you can't kill it."

While Cramer began softening his position on bitcoin during the latter half of last year, he has historically been skeptical of the cryptocurrency in light of regulatory scrutiny in the United States. As recently as October, when bitcoin was hovering around $27,000, the infamous TV financial advisor appeared to renew his skepticism in the digital asset. But with bitcoin up by 6% in the last 24 hours, and trading over $45,000, the one-time Goldman Sachs employee has changed his tune.

"The late Charlie Munger, who was so brilliant, on so many things, was blind to this," said Cramer on CNBC. Munger served as vice chairman of the storied financial institution Berkshire Hathaway. He passed away in Nov. 2023.

Bitcoin is 'here to stay'

"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's been against it almost the whole time." 

A year ago bitcoin traded below $17,000 amid the crypto winter. But its surge during the final quarter of 2023 — due in large part to the expectation that spot bitcoin ETFs filed by financial giants like BlackRock and Grayscale will soon be approved — has for many signaled the beginning of another bull run for crypto.

"This is remarkable comeback that was unexpected," Cramer also said Tuesday. "Except for all the bulls that turned out to be right."