Some in the crypto community believe the market bottom may now be in after CNBC host Jim Cramer, given his track record, said there was “no real value in crypto” and predicted the market would tumble further.
Cramer is known for giving his investment expertise as the host of CNBC’s “Mad Money” but has developed a reputation in the crypto community for giving stock and crypto tips that generally end up being widely off the mark or the complete opposite of his prediction.
His predictions, along with his on-again-off-again love-hate relationship with crypto, have become a popular meme among the community over the past few years.
Crypto bear market just ended https://t.co/9a7tGjLYiW— Coffeezilla (@coffeebreak_YT) July 5, 2022
Appearing on a segment of CNBC’s “Squawk Box” on Tuesday, Cramer commented on the bearish performance of various asset classes in 2022. He stated that the sector he is currently “most interested in” is crypto as he slammed it as essentially being worthless while predicting more carnage ahead:
“Crypto really does seem to be imploding. Went from $3 trillion to $1 trillion. Why should it stop at $1 trillion? There’s no real value there.”
“How many companies can Sam Bankman-Fried save?” he added.
The comments are in stark contrast to just two months earlier when Cramer enthusiastically stated that he was a “believer” in Ether (ETH) and that “You could easily get 35–40%” return on investment in the near future.
This prediction occurred when ETH was priced at roughly $3,000, and the price has since dropped 62% since then.
Jim Cramer calling for a 40%+ gain on $ETH— moon (@MoonOverlord) April 28, 2022
We are so fucked
During the segment, Cramer also went after nonfungible tokens (NFTs) as he questioned the amount of money that is being thrown around on such an “awful” asset class:
“NFTs. I mean, you look at these companies that you’ve never heard of, and they blew up over the weekend. And you say to yourself, ‘Holy cow, there’s $600 million just going down the drain.’ [...] What an awful asset. NFTs sold to you. Made up.”
In response to Cramer’s tips, Twitter accounts such as Inverse Cramer ETF, which tracks “the stock recommendations of Jim Cramer so you can do the opposite," have sprouted up.
The profile has obtained 62,800 followers so far and recently observed the stock prices of Ford and Nike dropping 25% and 7% apiece, respectively, since Cramer recommended buying them.
!!! pic.twitter.com/FGhj9r00Y9— Inverse Cramer ETF (Not Jim Cramer) (@CramerTracker) June 7, 2022
Cramer first bought Bitcoin (BTC) back in December 2020. During the bear market in June 2021, Cramer stated he sold all of his BTC, saying the price was “not going up because of structural reasons.” Four months later, the price of BTC surged to its all-time high of roughly $69,000.
Related: Bitcoin price swings 7.5% during intraday trading as US recession concerns mount
Another notable tip occurred in August 2021 when Cramer suggested buying Coinbase stock, as it was “cheap” at roughly $248. At the time of writing, COIN is priced at $55.41, according to Yahoo Finance.
This would be fine if he a) was a crypto skeptic all along b) ack that he was pushing it when it was going up and got call wrong. Instead he's a bandwagoner on steroids- last guy to praise stuff bf it collapses and last guy to trash it bf it rebounds. WHERE IS INVERSE CRAMER ETF? https://t.co/6tIMdNO1m6— Eric Balchunas (@EricBalchunas) July 6, 2022