Cramer Flips on Bitcoin Recommendation

Jim Cramer, a well-known US stock market commentator, made headlines in August when he announced plans to sell his Bitcoin holdings. At that time, Bitcoin was trading below $63,000. However, after the cryptocurrency surged by 21% and reached above $79,000 this week, Cramer changed his tune.

In a recent show, Cramer directly recommended buying Bitcoin instead of Bitmine, a company that accumulates Ethereum. He stated that taking an indirect position through crypto-related stocks might not be the best approach.

The sudden shift in Cramer's stance has added another contradictory statement to his track record on cryptocurrency. Despite the current rally, Bitcoin is down 12% since the beginning of the year and 33% over the past year. The main risk factor for the coming period lies on the inflation front, with US inflation remaining significantly above the Fed's 2% target.