CNBC’s Jim Cramer says crypto has “no real value”

by · July 5, 2022

Given his track record, someone in The crypto community believes that the market bottom may now be in after CNBC host Jim Cramer said there was “no real value in crypto” and predicted that the market would fall further.

Cramer is known for providing his investment expertise as host of CNBC’s Mad Money, but has developed a reputation in the crypto community for providing stock and crypto tips that generally end up being a long way off, or the opposite of his prediction.

His predictions, along with his on-again-off love-hate relationship with crypto have become a popular meme among society in recent years.

Cramer appeared on a segment of CNBC’s Squawk Box on July 5 comment on the bearish performance of various asset classes in 2022. He stated that the current sector he is currently “most interested in” is crypto, as he claimed that it was essentially worthless while anticipating more carnage going forward.

“Crypto really seems to implode. Went from $ 3 trillion to $ 1 trillion. Why should it stop at $ 1 trillion? There is 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 Ethereum, and “you can easily get 35-40%” return on investment in the near future.

This prediction happened when Ether (ETH) was priced at about $ 3000, and the price has since fallen 62% since then.

During the segment, Cramer also went after NFTs, when he asked questions about how much money is being thrown around on such a “terrible” asset class:

“NFTs, I mean, you look at these companies you’ve never heard of, and they exploded over the weekend, and you say to yourself, holy cow, there’s $ 600 million just going in the sink. […] What a terrible resource. NFTs sold to you. Invented. “

In response to Cramer’s tips, user accounts such as the “Inverse Cramer ETF” have appeared on Twitter tracking “Jim Cramer’s stock recommendations so you can do the opposite.”

The profile has gained 62,800 followers so far and has recently observed the stock prices of Ford and Nike fall 25% and 7% each since Cramer recommended buying them.

Cramer first bought Bitcoin (BTC) back in December 2020. During the bear market in June last year, Cramer stated that he sold his entire BTC and said that the price “does not go up due to structural reasons”. Four months later, the price of BTC to ATH rose by about $ 69,000.

Related: The Bitcoin price fluctuates 7.5% during intraday trading as concerns about the recession in the US increase

Another notable tip came in August 2021, when Cramer proposed buying the Coinbase stock COIN since it was “cheap” at about $ 248. At the time of writing, COIN is priced at $ 55.41 according to Yahoo Finance.