In light of the huge losses in the crypto market, stock market guru Jim Cramer has once again changed his mind about Bitcoin and Co and now predicts a continuation of the downturn. Not only in the crypto industry, this causes ridicule and ridicule – and at least some amusement in the still very tense market environment.
“Crypto seems to be imploding,” Cramer said in the newspaper CNBCShow “Squawk Box”. The market value of the entire crypto market has dropped from $ 3 trillion to $ 1 trillion. “Why should it stop at a trillion dollars? There is no real value there,” was the harsh verdict from the American investment professional.
A few weeks earlier, however, he had struck a completely different tone, explaining that “cryptocurrencies should be part of a diversified portfolio” and that he “believes” in their potential (reported DER AKTIONÄR).
The 180-degree turn therefore not only gives frowns and sharp comments within the crypto industry – especially since it is not the first of its kind. Especially when it comes to the crypto sector, Jim Cramer has not previously shown a particularly good instinct.
In June 2021, he announced that he had sold “almost all” of his bitcoins because they would not continue to rise “for structural reasons”. Four months later, it reached its record high of nearly $ 69,000.
About a year ago, he described Coinbase’s shares as “cheap” at prices around $ 250 and recommended buying them. Earlier this week, the crypto exchange operator’s shares marked a new low of $ 40.83.
“Followers on steroids” – even Bloomberg experts tease
Among crypto fans are CNBC-Expert has already developed reputation as a counter-indicator for the development of Bitcoin and Co. Industry portals cointelegraph.com cites, for example, the crypto-youtuber Coffeezilla, who now declares the crypto bear market over after Cramer’s negative heart change.
The crypto bear market has just ended https://t.co/9a7tGjLYiW
– Coffeezilla (@coffeebreak_YT) July 5, 2022
Even though Bloomberg– Colleague Eric Balchunas can not resist an excavation. Cramer tweeted that he was a “supporter of steroids” – he was the last to praise things before they collapse, and the last to pray for them before they get better. “WHERE IS INVERSE CRAMER ETF?” he asks in his tweet.
It would be nice if he a) was a crypto-skeptic all the time b) stated that he pushed for it when it went up and rang incorrectly. Instead, he’s a haulier on steroids – the last guy to praise things if it collapses, and the last one to throw them away if he returns. WHERE IS INVERSE CRAMER ETF? https://t.co/6tIMdNO1m6
– Eric Balchunas (@EricBalchunas) July 6, 2022
What is meant is an index fund that always reflects the exact opposite of Cramer’s investment recommendations – meanwhile an ongoing gag among his critics.
Conflict of interest notice
The CEO and majority owner of the publishing house Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that may benefit from any price development resulting from the publication: Bitcoin.
The editor-in-chief of Börsenmedien AG, Mr. Leon Müller, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that may benefit from any price development resulting from the publication: Bitcoin.
The author has direct positions on the following financial instruments mentioned in the publication or related derivatives that may benefit from any price development resulting from the publication: Bitcoin.
Shares or derivatives discussed / mentioned in this article are placed in the “AKTIONÄR Depot” of DER AKTIONÄR.