Ethereum ‘believer’ now claims crypto has ‘no real value’

ambcrypto.com:

Jim Cramer is in the news again after criticizing the cryptocurrency market once more. In fact, he called it a market of “no real value,” while also forecasting additional market declines. The former hedge fund manager criticized the industry’s chronic liquidity shortage on CNBC’s Squawk Box on Tuesday. He also took a shot at the insolvency of significant companies like Celsius Network and Three Arrows Capital.

In April, Cramer made the memorable claim that he was “a believer” in Ethereum. He had claimed that investors could “easily” bank profits of 40% on the asset. At the time, it was trading at about $3,000 on the charts.

Over the last few years, his predictions and his on-again, off-again relationship has elicited quite a few reactions from the community.

As the host of CNBC’s Mad Money, Cramer is well recognized for imparting his investment knowledge. However, he has developed a terrible reputation in the cryptocurrency world for making stock and cryptocurrency predictions that regularly turn out to be inaccurate.

After the crypto-market first fell, Jim Cramer admitted he isn’t a huge fan of the new asset class. On CNBC, the former hedge fund manager discussed the months-long downward trend affecting global markets, stating that what most interests him is the health of the cryptocurrency market.

“Crypto does seem to be imploding. When it goes from $3 trillion to $1 trillion, why should it stop at $1 trillion? There’s no real value there. How many companies can Sam Bankman-Fried save?”

These remarks stand in sharp contrast to Cramer’s fervent declaration that he is a “believer” in Ethereum.

In June 2021, Cramer argued that he preferred Ethereum to Bitcoin because “people used to be able to buy stuff.” This clarified that