Important takeaways
- Jim Cramer criticized bullish predictions that Bitcoin could reach $1 million by 2030.
- The digital flagship has recently undergone extreme price fluctuations.
CNBC’s Jim Cramer on Friday mocked Bitcoin bulls, particularly Michael Saylor, for their overly optimistic Bitcoin price predictions, which he believes are unrealistic.
“The consistent bullish cheerleaders for crypto are about to get a full-court press with claims of $1 million per bitcoin by 2030, or some other magical nonsense,” the popular financial TV personality wrote at X. “They have to defend themselves as they always do. Saylor will have several appearances. I will chat with GPT what Saylor will say today.”
As a vocal Bitcoin supporter, Saylor has repeatedly predicted a $1 million price for the crypto asset. At Money20/20 last month, he said that Bitcoin could reach $1 million sometime in four to eight years.
A number of crypto leaders also predict that Bitcoin could reach $1 million in the next few years.
Brian Armstrong, CEO of Coinbase, told Fox Business in September that the digital asset could reach $1 million by 2030 if banks don’t impede its growth.
BitMine Chairman Tom Lee also sees the goal as achievable, and both he and ARK Invest CEO Cathie Wood have issued even more ambitious predictions exceeding $1 million.
Bitcoin is currently trading at around $83,000, down 6% in the last 24 hours, CoinGecko data shows. Bitcoin has seen sharp price swings in recent weeks.
Jim’s statement follows a public endorsement he made just a few months ago, when he described Bitcoin as a hedge against the US’s rising national debt.
He said at the time that he wanted to protect future generations and planned to keep Bitcoin and Ethereum for his children, seeing them as tools against financial instability.