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Jim Cramer – the host of CNBC’s financial television program “Mad Money” – clarified that he is “not against crypto” but is opposed to projects that defraud individuals.
This marks yet another contentious remark from the American, who has altered his perspective on the sector numerous times throughout the years.
The crypto community frequently ridicules him for making inaccurate price forecasts and investment advice. For instance, Cramer recommended that individuals sell their “awful” holdings in December of last year when bitcoin was around $17,000. It is worth noting that the leading digital currency has recently exceeded $30,000.
Only Against Fraudulent Crypto
Cramer took to Twitter to clarify that he is not a detractor of the digital asset sector. Rather, he opposes “FRAUDULENT crypto and entities” that siphon funds from investors without any return.
Numerous users commented under the post, indicating that Cramer’s recent statement contrasts sharply with his previous remarks.
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For example, he advised investors last September to steer clear of digital currencies, labeling them as “speculative assets.”
“Look, Fed chief Jay Powell told us that we need to stop doing foolish 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 critical statement in December, asserting that individuals with cryptocurrency exposure should divest their “awful” positions.
Cramer’s “Spot-on” Predictions
In addition to being a well-known television figure, Cramer has garnered attention for his controversial crypto predictions, which often prove to be incorrect.
He suggested at the start of 2022 that BTC and ETH selloffs might be concluding, indicating the onset of a new bull market. However, the previous year was catastrophic for the industry, witnessing the collapse of several major players, including FTX, Three Arrows Capital (3AC), Celsius Network, and others, while bitcoin and ether experienced a substantial decline in their USD value.
Conversely, the crypto market began to rise shortly after he advised investors, “It’s never too late to sell” in December of last year. BTC has increased by over 75% since that time.
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