The narrative asserting that Bitcoin operates as a hedge and is an excellent alternative to gold has also been embraced by the host of CNBC’s Mad Money. In a recent tweet, Jim Cramer also provided his Bitcoin price prediction as he sees the asset topping $20,000 by the end of 2020.
The 65-year old Cramer is a former hedge fund manager and the current host of one of the most popular financial TV productions – CNBC’s Mad Money. Being on the air for over 15 years discussing various financial topics, Cramer has become an influential industry figure.
His relationship with Bitcoin has been rather inconsistent in the past. He went from predicting a $1 million price tag to calling BTC an “outlaw currency.” However, his 2020 views on the asset have been significantly more bullish.
During a recent appearance on Anthony Pompliano’s podcast, Cramer said that the events that transpired this year had convinced him entirely on BTC’s merits. More specifically, he breached the contrast between the US Federal Reserve’s excessive money printing with Bitcoin’s maximum supply of 21 million coins ever to exist.
Yesterday, he commented on the recent price developments that took BTC to above $19,000. Despite the massive price increase, Cramer believes that “it is not too late for Bitcoin.”
Cramer, who has previously described himself as a gold-bug, also asserted that BTC is a “great alternative” to the precious metal. Interestingly, he noted that he has always believed in this narrative.
Cramer also engaged in another Twitter conversation with Pompliano. This time, the primary topic was the prices. Morgan Creek Digital’s co-founder and partner brought out the one-year performance of gold, bitcoin, and the popular Wall Street index – the S&P 500.
In the past twelve months, the S&P has increased by 14%, while the precious metal has added 23% of value. However, BTC has trumped both with an impressive surge of 169%.
The Mad Money host noted that Bitcoin’s bull run hasn’t ended. In fact, he predicted that the cryptocurrency will reach the coveted all-time high charted in late December 2017 of $20,000 by the end of 2020.
With BTC coming less than 3% away from that level, Cramer’s forecast might be one of the most modest in recent history.
Featured Image Courtesy of CNBC
