The notorious TV financial expert Jim Cramer, who often makes very strange and daring assessments of the financial markets on the American television channel CNBC in his show Mad Money, is now leaning far out of the window again with regard to the crypto market, and is thus worried involuntarily for new hope among investors.
Crypto bear market just ended https://t.co/9a7tGjLYiW
— Coffeezilla (@coffeebreak_YT) July 5, 2022
As part of the CNBC show Squawk Box, Cramer has accordingly devastating predictions for multiple asset classes, including cryptocurrencies, attributing them “no real value” and arguing that the entire market will continue to collapse. To that end, the TV expert argues:
“The crypto market is collapsing. The market capitalization is 3 trillion. US dollars to 1 trillion. US dollar shrunk. Why should at 1 bio. US dollar already be over? The asset class has no real value at all.”
What sounds like a harsh swan song for the crypto market could be very different, however, because a few months ago Cramer was still enthusiastic about the asset class, with drastic consequences.
He recently presented himself as “convinced” of Ethereum (ETH) and even suggested to his viewers that they “could easily make a profit of 35 – 40% in the near future” by investing in the second largest cryptocurrency.
Again, that bold assessment came as Ethereum was already trading at just under $3,000, but the largest altcoin subsequently plummeted a whopping 62%.
Jim Cramer calling for a 40%+ gain on $ETH
We’re so fucked
— moon (@MoonOverlord) April 28, 2022
Cramer’s predictions are generally not considered very accurate, which is why a Twitter account has now taken on the task of “collecting Jim Cramer’s recommendations so that you can do the opposite”.
The profile has almost 63,000 followers who have benefited so far, for example, from the fact that the share prices of Ford (-25%) and Nike (-7%) fell noticeably after the CNBC expert recommended buying.
— Inverse Cramer ETF (Not Jim Cramer) (@CramerTracker) June 7, 2022
The anti-oracle is also clearly wrong when it comes to cryptocurrencies, which is not only evident in its Ethereum forecast, but also for the market leader Bitcoin (BTC). After trying out the market-leading cryptocurrency for the first time in December 2020, the prominent financial expert sold his entire investment the following June, believing that the Bitcoin price “will not continue to rise for structural reasons”. A short time later, BTC’s record run to almost $69,000 followed.
Cramer made another mistake in August 2021 when he recommended buying the shares of the crypto exchange Coinbase (COIN) “cheaply”. At that time it was at least 248 US dollars, but the current share price is only a measly 55.41 US dollars.
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
Against the background of this low hit rate, which not only leaves much to be desired in terms of quantity but also in terms of quality, crypto investors can legitimately hope that the “expert” is once again so blatantly wrong that his foresight is reversed . Accordingly, Bitcoin & Co. would have to go up again soon.
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