Record Highs for Stocks, Bitcoin Tops $100,000, Trump Transition: New Picks 12/5/24

SPEAKER_1 (0:00)

Stripe helps many of the world's most influential companies grow their revenue and build a more profitable business. Whether it's Hertz, making checkout a smooth ride for their customers, OpenAI, answering unprecedented demand, or PGA, chipping away at back office inefficiency, Stripe's financial infrastructure platform helps companies achieve ambitious goals. No matter what success looks like for your business, Stripe helps ensure the complexity of financial systems doesn't get in your way. Learn more at stripe.com.

SPEAKER_2 (0:30)

What's your boldest, truly ambitious life goal? Everyone has one, and everyone deserves a way to get there. That's why State Street offers a wide variety of ETFs to give all investors access to the market and the chance to reach their goals. Like with DIA, where you get 30 US blue chip stocks in a single trade. Wherever you're heading, getting there starts here, with State Street.

SPEAKER_3 (0:48)

Before investing, consider the fund's investment objectives, risks, charges, and expenses. Visit ssga.com for perspectives containing this and other information, reading carefully. DIA is subject to risks similar to those of stocks.

SPEAKER_4 (0:56)

All ETFs are subject to risk, including possible loss of principal.

SPEAKER_3 (0:58)

Alps Distributors Inc.

Jerome Powell (0:59)

Distributor.

Jim Cramer (1:01)

It's Jim Cramer here. You're listening to the opening bell of CNBC Squawk on the Street. Don't miss a minute of the action.

David Faber (1:09)

Good Thursday morning and welcome to Squawk on the Street. I'm David Faber. He's Jim Cramer. We're live from Post 9 at the New York Stock Exchange. Carl has the morning off. Let's give you a look at futures as we get ready to begin the trading day. Thirty minutes from now, what Jim and I like to call, oh no, it's Thursday, isn't it? It's not Wednesday, it's Thursday.

I don't even know what day it is. But I do know where our roadmap starts this morning, and that is with Bitcoin's monster rally. It surges above 100,000, bringing crypto-focused stocks along for the ride, including of course Robinhood. You just were hearing from the CEO at the end of Squawk Box there. We're also on Regulator Watch this morning. President-elect Trump picks a crypto backer to run the SEC, and why his choice to lead the DOJ's antitrust unit could be a worrying sign for those who are looking for big tech to do big deals. Speaking of tech, both Meta and Elon Musk's XAI continue to make massive new investments in data centers. To get to that, I've been focused on XAI of late, and I know you have on Meta. Let's start though with some new milestones for the major stock indices, market indices, and for Bitcoin as well, Jim. Kind of give me your thoughts as we, you know, we're down to it here in terms of trading days left in the year.

Jim Cramer (2:26)

Maybe a younger generation has decided, look, we're going to invest, but we're going to invest smartly. And invest smartly, as opposed to what Chairman Palsley just said, is to buy Bitcoin. Now, I'm always a believer that I should not second-guess people who've made a lot of money, who's ever in Bitcoin. And it does because we know about Flattenum, we know about Robinhood, which has been the winner, by the way, versus E-Trade versus Squawk, rather amazing. And they do it on the basis of options, and they do it on the basis of Bitcoin.

David Faber (2:56)

You've got, but you have been somewhat critical, I think it's fair to say, of some of the other coins, so to speak.

Jim Cramer (3:02)

Well, I do want to theory.

David Faber (3:03)

That have moved up dramatically.

Jim Cramer (3:05)

I own Bitcoin. I made, you know, candidly, we were allowed to own Bitcoin. I made a lot of money in this.

David Faber (3:09)

I know you did. Some time ago, the likes of Ripple and many others.

Jim Cramer (3:14)

Yes, good point. The ones that Gensler, Chairman Gensler has been against, which is that I think he's being, I'm not saying he's being hard on fairly because he was against. He kind of stood within the tide of history, but the tide of history was advanced by President-elect Trump. Let's just, you played Trump right, you made a lot of money.

David Faber (3:32)

Yeah.

Jim Cramer (3:32)

It's one of the few theories that worked.

David Faber (3:35)

It worked straight ahead. I mean, listen, I told people also, buy Fannie and Freddie, buy those preferreds, that worked. That worked too. By the way, we still have, you know, there's a long way to go before they come out of conservatorship.

Jim Cramer (3:44)

What do you think about my idea that there's a new generation that invests more smartly than we do in the sense that this was better than equities?