Bitcoin's Surge Challenges Jim Cramer's 'Scam' Label with 473% Growth

Bitcoin, the leading cryptocurrency by market capitalization, has seen a remarkable increase of nearly 473% since Jim Cramer, the host of CNBC's "Mad Money," described it as a "scam" around two years ago.

This interesting statistic was highlighted by Bitcoin historian Pete Rizzo in a recent post on X, stirring discussions within the crypto community.

In January 2023, while Bitcoin was trading above $16,000, Cramer made headlines by calling it "phony and a scam." He criticized the crypto market, suggesting that the prices were "propped up by individuals who had a vested interest in maintaining those values." Cramer, who had previously invested in Bitcoin and non-fungible tokens (NFTs), liquidated all his crypto assets before these remarks.

Following this, Cramer cautioned investors to steer clear of cryptocurrencies, advising them to withdraw their money whenever possible. He went on to declare that he would "not touch crypto in a million years," asserting his belief that the main purpose of cryptocurrencies was to deceive.

Fast forward to January 2025, and Bitcoin has dramatically risen to over $96,000. According to a clip from CNBC's "Squawk on the Street" shared by Rizzo, Bitcoin was valued at $16,807 when Cramer made his comments, marking a staggering gain of nearly 473% since that time.

Bitcoin's 2025 Price Expectations

As of now, Bitcoin is up 3.16% in the last 24 hours, reaching a price of $96,568. In December 2024, the cryptocurrency surpassed the much-anticipated $100,000 mark, achieving a peak of $108,268 on December 17.

CNBC has recently compiled various Bitcoins price predictions for 2025. Matrixport, a crypto financial services company, predicts Bitcoin will surge to $160,000 by that year. Alex Thorn, the head of research at Galaxy Digital, anticipates that Bitcoin will exceed $150,000 in the first half of the year and may hit $185,000 by the fourth quarter.

Geoffrey Kendrick from Standard Chartered predicts that Bitcoin's price will double, estimating it will reach $200,000 by the end of 2025. Sid Powell, co-founder and CEO of Maple Finance, believes Bitcoin will be priced between $180,000 and $200,000 by that same timeframe.

The trajectory of Bitcoin is being closely watched, especially in light of Cramer's earlier dismissal of the cryptocurrency. As time passes, Bitcoin's growth challenges the skepticism expressed by prominent figures in finance.

Bitcoin, Cramer, Crypto