Jim Cramer Weighs In As Bitcoin Vaults Over $1 Trillion Market Cap: 'Next To The Trillion Dollar Level?'

CNBC TV host Jim Cramer made a post on Monday that has been linked by cryptocurrency enthusiasts to the possibility of a comment on Bitcoin BTC/USD.

What Happened: Cramer on Monday said on X, “Next to the trillion dollar level? Tonight."

This comes as the apex cryptocurrency Bitcoin achieved a trillion-dollar valuation after it spiked from $53,000 to $56,000 on Monday evening.

Voices within the crypto community are responding to Cramer’s comment, with one user taking to X, "Please don't talk about #Bitcoin Jim PLLLEEASSSEEE" 

For those unfamiliar, the “Inverse Cramer” phenomenon hinges on the belief that doing the opposite of what Cramer recommends will lead to profitable results.

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Why It Matters: Bitcoin has showcased a strong performance this year, breaking out of a range on Feb. 23 to hit a new two-year peak at $54,360.

The cryptocurrency market surged by a mix of factors including consistent investments into spot Bitcoin Exchange-Traded Funds (ETFs), the anticipation surrounding the supply halving event, and a broadly positive sentiment from both retail and institutional investors.

Investment in crypto products from heavyweights like BlackRock, ARK Invest, Grayscale, and others totaled nearly $598 million in the span of just five days (from Feb. 19 to Feb. 23), before the investment pace tapered slightly towards the week’s end.

Cramer, who had shown skepticism towards Bitcoin in the past, especially during the Sam Bankman-Fried trial in October where he was not inclined to go long on Bitcoin, publicly revised his stance on the cryptocurrency.

Cramer had previously offloaded most of his Bitcoin holdings in 2021 following the mining crackdown in China. However, in January, he said, “This thing, you can’t kill it.“

In January, Cramer said, "Bitcoin=tough own." In response, MicroStrategy CEO Michael Saylor, a Bitcoin advocate said, "Bitcoin = toughest owners."

Price Action: At the time of writing, BTC was trading at $56,532 per token, up 10% in the last 24 hours, according to data from Benzinga Pro.

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