The presenter of the CNBC programme ‘Mad Money,’ has drastically revised his opinion of crypto currency. It is worthless. Some analysts take it as a reverse prediction — the bottom has been reached.
Crypto implodes
Jim Cramer changes his opinion about crypto quite often. He now thinks that the market value of all crypto currencies will fall much further, below $1,000 billion, because “there is no real value in it.”
"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," says @jimcramer on #crypto. "What an awful asset. NFTs sold to you. Made up." pic.twitter.com/09e5ST8q0N
— Squawk Box (@SquawkCNBC) July 5, 2022
He was a guest of his CNBC colleague on the Squawk Box programme to give his opinion on the financial markets and macroeconomic conditions in the US.
Cramer has become a meme within the crypto community. In his programme ‘Mad Money,’ the presenter shares his expertise on financial markets. The investment tips he gives for stocks and crypto are often quite far off, or the exact opposite of what he predicts happens.
This ability to not predict and his love-hate relationship with crypto currencies have earned him a special status on cryptotwitter.
On an episode of the Squawk Box programme, Cramer went old school on crypto currencies. Every asset class is struggling now, he began.
“The one I’m most interested in is crypto,” Cramer said. “Crypto really seems to be imploding. It went from $3 trillion to $1 trillion. Why would it stop at $1 trillion? There’s no real value in it.”
No financial advice
Two months ago, Cramer was shouting very different things. For example, about Ethereum.
“I think Ethereum is fantastic. I believe in it. I think you can easily get 35-40%,” he said in another CNBC show in April about the expected return on the second crypto currency in market value.
The meme on Twitter is that Cramer is so bad at predicting the market that you can safely do the exact opposite to make a real profit. Using the inverse Jim Cramer method, the Ethereum prediction from the end of April would now have yielded almost 60% profit. No financial advice.
