Jim Cramer’s Latest Change of Heart, Says He is Not Against Crypto
Jim Cramer – the host of CNBC’ financial TV show “Mad Money” – clarified that he is “not against crypto” but opposes such projects that scam people.
This is yet another controversial statement coming from the American who has changed his view on the industry countless times over the years.
The crypto community often mocks him for making not-so-accurate price predictions and investment guidance. For one, Cramer advised people to sell their “awful” positions in December last year when bitcoin was hovering around $17,000. Recall that the leading digital asset has recently surpassed $30,000.
Only Against Bogus Crypto
Cramer took it to Twitter to explain that he is not a critic of the digital asset industry. Instead, he is against “BOGUS crypto and outfits” that drain money from investors and never give it back.
Understand i am not against crypto and done quite well with it. I am against BOGUS crypto and outfits that stole your money and wouldn’t let you have it back
— Jim Cramer (@jimcramer) June 22, 2023
Hundreds of users noted under the post that Cramer’s latest statement is much different than what he had shared before.
For example, he urged investors last September to avoid delving into digital currencies, calling the latter “speculative assets.”
“Look, Fed chief Jay Powell told us that we need to stop doing stupid things with our money… What matters is that we just have to get through it intact. Don’t get named. Don’t get SPAC’d. Don’t get crypto. And you’ll get through this thicket and find yourself in a much better time when we are sufficiently oversold for a huge bounce,” Cramer added.
The American launched another bashing manifest in December, claiming that people who have exposure to cryptocurrencies should sell their “awful” positions.
Cramer’s “Spot-on” Forecasts
Apart from being a prominent TV personality, Cramer has gained popularity through his controversial crypto predictions, which in many cases turn wrong.
He suggested at the beginning of 2022 that BTC and ETH selloffs could be over, hinting at the start of a new bull run. Nonetheless, last year was devastating for the sector and saw the meltdown of multiple giants, such as FTX, Three Arrows Capital (3AC), Celsius Network, and others, whereas bitcoin and ether lost a significant chunk of their USD valuation.
On the other hand, the crypto market started ascending shortly after he told investors, “It’s never too late to sell” in December last year. BTC has surged over 75% since that moment.
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