Jim Cramer’s Ethereum prediction shows he doesn’t know s***t about crypto

YEREVAN (CoinChapter.com) – Jim Cramer is an American television personality and author. He is the host of Mad Money on CNBC and an anchor on Squawk on the Street, who has taken a jab at cryptocurrencies on multiple occasions. Moreover, many of his crypto predictions missed the target completely, prompting a Reddit thread to call him out on it.

Cramer wrong about Ethereum

Jim Cramer is still up there defending his title as the best market indicator if you inverse him. Even in this bear market, he does not shy away from making overly bullish statements. Mostly for stocks, but he even made some for Crypto even though he hates crypto, apparently.

said a user in subreddit.

The subject for the user’s verdict was Cramer’s latest statement on Ethereum. On April 28, before the Merge, the economist predicted at least a 30-40% pump for ETH. “Can’t wait for his next statements as every indicator failed during this bear market but just not him,” the Reddit user, citing Ethereum’s 57% decline since late April.

Jim Cramer’s missed predictions

The Mad Money host has a difficult love-hate relationship with crypto and earned the community’s distrust by making conflicting remarks. In June, he noted that digital assets have “no real value” and called BTC “an awful asset.” However, in late August, the anchor changed his heart and suggested all investors diversify their portfolio with crypto by at least 5%.

Moreover, he suggested that COIN, the stock of the largest US crypto exchange Coinbase, was a buying opportunity at the time.

I think the company [Coinbase] is the .. natural repository of crypto. I will also say this, though, I own Ethereum directly. I think you should have up to 5% of your portfolio in crypto. I am a believer in crypto.

said Cramer.

A month later, COIN dropped an additional 10%.

Also read: Dogecoin investors should not listen to Elon Musk anymore.

Cramer also made predictions about Bitcoin in late June. He claimed that charts indicated a rally “in the next few months.” Instead, a few months later, the BTC/USD exchange rate plummeted below $20,000 support.

Cramer has an impressive resume and worked with banking giants such as Goldman Sachs. The anchor claims that from 1988 to 2000, he had only one year of negative returns – 1998. But while he might have a knack for stocks, his hunch seems to be off when it comes to crypto.