The bottom is in: CNBC's Jim Cramer says crypto has "no real value"
Given his track record, some in thecrypto community believe the market bottom may now be in after CNBC host Jim Cramer said there was “no real value in crypto” and predicted the market would tumble further.
Cramer is known for giving his investment expertise as the host of CNBC’s Mad Money, but has developed a reputation in the crypto community for giving stock and crypto tips that generally end up being wide of the mark, or the complete opposite of his prediction.
His predictions, along with his on-again off-again love-hate relationship with crypto have become a popular meme among the community over the past few years.
Crypto bear market just ended https://t.co/9a7tGjLYiW
Appearing on a segment of CNBC’s Squawk Box on July 5, Cramer was commenting on the bearish performance of various asset classes in 2022. He stated that the current sector he is currently “most interested in” is crypto as he slammed it as essentially being worthless while predicting more carnage ahead.
“How many companies can Sam Bankman-Fried save?” he added.
The comments are in stark contrast to just two months earlier when Cramer enthusiastically stated that he was a “believer” in Ethereum, and “you could easily get 35-40%” return on investment in the near future.
This prediction occurred when Ether (ETH) was priced at roughly $3,000, and the price has since dropped 62% since then.
Jim Cramer calling for a 40%+ gain on $ETHWe are so fuckedpic.twitter.com/rcpHuonO4X
During the segment, Cramer also went after NFTs, as he questioned the amount of money that is being thrown around on such an “awful” asset class:
In response to Cramer’s tips, user accounts such as the “Inverse Cramer ETF” have sprouted up on Twitter which tracks “the stock recommendations
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