CNBC’s Jim Cramer thinks many mainstream asset managers are about to embark on a Bitcoin buying spree, and he believes that even includes long-time skeptics like JP Morgan’s Jamie Dimon.
CNBC’s Jim Cramer thinks many mainstream asset managers are about to embark on a Bitcoin buying spree, and he believes that even includes long-time skeptics like JP Morgan’s Jamie Dimon.
The former hedge fund manager said during his latest “Squawk on the Street” TV show that investors are speaking among themselves and encouraging each other to invest in the top cryptocurrency.
Cramer made the investor influx prediction after Bitcoin’s latest surge, which saw the cryptocurrency reach a $123,236 all-time high.
The flagship crypto continued upwards after bouncing off support at $98,240 towards the end of June before breaking above the previous record and overcoming the $120,000 psychological support.
Notably, Bitcoin’s latest rally precedes a crucial week in the cryptocurrency industry’s evolution. It is a period when crypto community members expect the US government to finalize some important legislation that will significantly affect the crypto industry’s development.
For instance, the US House of Representatives will vote on the Guiding and Establishing National Innovation for US Stablecoins, known as the GENIUS Act, and consider other crypto-related bills this week.
The two other bills facing the US legislators this week include the Digital Asset Market Clarity Act, which aims to regulate crypto by establishing roles for the Securities Exchange and Commodity Futures Trading Commission in regulating digital tokens, and the Anti-CBDC Surveillance State Act, which would prevent the Federal Reserve from issuing a digital US dollar.
Analysts expect these bills, when passed into law, to provide the kind of regulation that will encourage mainstream institutional investors to adopt the flagship cryptocurrency and other digital assets that will serve their purposes. That would create a massive demand and trigger a notable capital flow into the Bitcoin and cryptocurrency market, which explains why many experts believe the latest surge is only the beginning of what is to come in the crypto industry.
