In a surprising turn of events, Jim Cramer, the renowned CNBC host, has made a U-turn on his opinion of Bitcoin, now openly advocating for the digital currency just as it reaches an 18-month high. Cramer’s change of heart comes as the price of Bitcoin soars, leaving some skeptical investors questioning the wisdom of following his advice.
Previously, Cramer had advised against investing in Bitcoin, but he now admits that he was premature in his judgment. His renewed support for the cryptocurrency aligns with its recent surge in value, which has captivated the attention of market watchers worldwide. However, despite Cramer’s endorsement, some experts caution that Bitcoin may still have further room to climb before a significant correction.
Meanwhile, the Bitcoin community recently witnessed an unprecedented event as an individual mistakenly paid a record-breaking transaction fee of $3.1 million to the mining pool, Antpool. The sender had set up their wallet moments before the transfer, and the intended recipient received only a fraction of the original amount. The mining pool, Antpool, has yet to comment on the incident, which is believed to be an individual error rather than a broader market phenomenon. It’s worth noting that Bitcoin fees have been increasing due to heightened activity surrounding Bitcoin-based NFT project Ordinals.
In another development in the crypto world, Paradigm, a prominent crypto venture capital firm, publicly criticized Blast, a startup it has invested in. Paradigm expressed disagreement with Blast’s decision to launch a bridge before its layer-2 network and to delay withdrawals for three months. Dan Robinson, the head of research at Paradigm, noted that this move by Blast crossed ethical lines and set a negative precedent for other projects. Despite the criticism, Robinson acknowledged the talent of Blast’s team as world-class builders, acknowledging the presence of numerous points of disagreement between the two parties.
The controversy surrounding Blast does not end there, as Jarrod Watts of Polygon Labs also joined in the criticism. Watts highlighted Blast’s centralization and raised concerns over security risks. Furthermore, Watts claimed that Blast does not qualify as a layer 2 solution and lacks withdrawal functionality. Despite these allegations, Blast has managed to attract a substantial amount of locked value and proudly positions itself as the only Ethereum layer 2 solution with native yield for ETH and stablecoins.
As the blockchain industry continues to evolve and witness intriguing developments, the trajectory of Bitcoin, Blast, and other cryptocurrencies remains uncertain. Market participants must tread carefully, considering both expert opinions and the potential risks associated with their decisions.