Key Takeaways:
- CNBC's 'Squawk on the Street' host Jimj Cramer claimed crypto have no value
- Investors are now trolling him, calling his predictions bullish for the crypto market
- Crammer is notorious for making wrong analysis and price calls
YEREVAN (CoinChapter.com) — Amid the extended cryptocurrency market crash, critics have their knives out again to attack Bitcoin (BTC), and Co. Jim Cramer, the anchor of CNBC’s Squawk on the Street, is drawing criticism on Twitter for claiming cryptos have “no real value.”
On Tuesday, Cramer called BTC “an awful asset” and said cryptocurrencies would fall even further from recent lows.
He also took a jibe at nonfungible tokens (NFT), calling them “made up.”
Cramer’s criticism came when Bitcoin (BTC), the largest crypto by market cap, saw its biggest quarterly drop since the third quarter of 2011. Back then, BTC was still in its early days.
The nearly 60% crash has pushed the market leader under the $20,00 mark.
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Critics troll the TV host on his ‘bullish” prediction
While the TV host slammed the cryptocurrency industry, his critics took his words as a good sign for BTC.
The reason? Well, Cramer is notorious for making wrong predictions. More often, markets move in the opposite direction of his expectations.
At the end of April, Cramer had allegedly predicted that Ethereum (ETH) would rally 40%. Back then, BTC traded for nearly $40,000 per token.
Since then, the price of ETH has fallen over 60% and currently fetches a little over the $1000 mark, according to CoinMarketCap.
He also made a similar bullish prediction about the price of oil early last month. He had advised investors to stay away from everything else and go all-in on oil.
As one user pointed out, oil is down 25% since Cramer told people to buy.
John Deaton, the attorney representing thousands of XRP holders in the Ripple vs. SEC case, also trolled Cramer for his comments.
“I’m sorry Jim Cramer but I have to agree that your comment is the most bullish sign Crypto has had in weeks,”
he wrote.
Given the number of times, Cramer has been wrong, the crypto community has labeled his calls “Cramer’s curse.“
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What is with the double standards, Jim Cramer?
It is easy to kick things around when they are already on the ground; that is exactly what Cramer seems to be doing.
On several occasions, the TV host has expressed his fascination with cryptocurrencies. In particular, he has been bullish on Bitcoin (BTC) and Ethereum (ETH).
Last year, Jim Cramer reminded his followers that he would place his bets on the two leading cryptos but not on Dogecoin (DOGE).
Last month, he reiterated his support for BTC and ETH and admitted he had attempted to buy an NFT. He also praised Ethereum, claiming, “it’s got some qualities I like.”
But since the tides have turned, Jim Cramer suddenly thinks cryptocurrencies have no value, and NFTs are all just made up.
As evident, the markets have caught up with him. Investors have stopped taking his analysis and predictions seriously, making him the butt of crypto memes and jokes.
“Jim Cramer finally being bearish on crypto makes me feel like we’re about to start the biggest parabolic pump ever,”
one crypto investor joked.
Time will show if this time, too, “Cramer’s Curse” will come into play. Meanwhile, analysts predict Bitcoin will decline an additional 45% in July to reach $10,000.
