CNBC Jim Cramer calls today’s market meltdown “Crypto Monday.”
“I do not want to make a joke of it,” Cramer said on CNBC’s “Squawk on the Street” podcast. “Many younger people and people who have borrowed money, they are going to be gone today if they are not careful.”
Cramer called the correction shocking. His comments represent a shift from last year when he had a more positive view of crypto.
While Cramer says he did not want to make a joke of the meltdown, Crypto Twitter had no problem making a joke with Cramer’s views. Cramers’ mixed record of financial analysis recently led to the emergence of “Inverse Cramer ETF”A fictitious exchange-traded fund that recommends the opposite of everything Cramer says.
Solana’s co-founder Anatoly Yakovenko predicted yesterday that Cramer’s view would be bearish. “A large fund must also be closed and Cramer will pronounce a bearish crypto prose,” he tweeted.
Almost in the long run, the “Mad Money” host and the popular meme target soon said that he gets a pessimistic view of crypto from many in Silicon Valley, and said that some called digital assets “a con.”
Cramer told podcast hosts Carl Quintanilla and David Faber that he had told SEC leader Gary Gensler that he got 8% with Ethereum; Gensler told him it’s too good to be true.
During the “Squawk” podcast, Cramer pointed out that the crypto marketing campaign has driven people to speculate on digital assets, and took up the Crypto.com ad with Matt Damon saying, “Fortune favors the brave.”
“Here’s what happens in these situations,” Cramer said. “People with a lot invested in crypto will come in and take a stand – it’s Braveheart,” says Cramer, referring to the 1995 Mel Gibson film depicting William Wallace’s fight against English rule in Scotland.
Cramer, who has acknowledged owning Bitcoin and Ethereum, took to Twitter, “Crypto – need the big crypto lovers to buy and stabilize,” Cramer tweeted.
Not everyone agreed with the former hedge fund manager. “Any words @jimcramer?” the investment analysis company, Hedgeye tweeted with a meme of two men looking over a cliff. The meme reading, “bet he still will not admit he made a mistake.”
“No, they need the Fed to stop withdrawing liquidity,” he replied Christopher Vecchio, senior strategist for DailyFX. “Nothing changes until the macro winds change direction.”
“As someone who lives in SF, and knows many ‘traditional’ technical leaders and VCs, I know no one who says that crypto is a courage,” tweeted Xend Finance’s Kevin Leu. “Maybe he’s referring to altcoins, because this is not accurate.”
Dogecoin co-creates Billy Markus was more direct in his critique of Cramer’s recordings. “Jim you have to shut up sometimes,” Markus replied in a Cramer tweet.
Despite setbacks from Crypto Twitter, it looks like the market may be heading for a “crypto winter,” as the total market value of all cryptocurrencies fell to $ 969 billion today, according to CoinMarketCap.
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