Today, news circulated that “Mad Money” host Jim Cramer said Binance and the BNB token are on the rise even as the crypto exchange faces regulatory hurdles and liquidity concerns. The market perceived that Cramer’s failure in his predictions would be counterproductive for the stock market and its token. In the latest development, Binance CEO took a different approach to the event.
Binance CEO: Jim Cramer shares FUD!
Today, news has circulated that the famous American television host Jim Cramer has taken a bullish stance on Binance and its token BNB. This event was perceived as a negative situation for the crypto exchange and its token. Because the failure of Jim Cramer’s predictions gave him a different reputation. However, it turned out that the news circulated on social media was not true.
A crypto influencer alias CryptoBusy wrote on account X, “This screenshot of Jim Cramer is from a video in September 2022 discussing Treasury bonds. This September 5 issue on CNBC by Jim Cramer is about “Hero stocks.” He shared that the news is FUD. In the latest development, Binance CEO also quoted this post and affixed the “4” tag as he always does. In this context, Chanppeng Zhao made the following suggestive post:
Wow… I survived. Don’t believe the photoshopped pictures, guys. ‘4’
phew… saved. 😂 Don’t believe in a photoshopped image, guys. 4 https://t.co/3jX2LvMQOV
— CZ 🔶 Binance (@cz_binance) September 5, 2023
Jim Cramer’s controversial market influence
cryptocoin.com As you follow, Jim Cramer is no stranger to controversy. However, its influence in the financial circles is indisputable. Whether viewed as a finance sage or a high-risk gambler, Cramer has a history of challenging market predictions. In crypto, his predictions often went the other way. Earlier this year, he warned users to exit Bitcoin while it was hovering below $17,000. Since Cramer’s recommendation, the token has increased by 30% year-on-year. Therefore, the news that Cramer is bullish on Binance and its token was received negatively.
His so-called ‘crazy predictions’ are more evident in the stock market. Last year, he advised his audience to step back from Nvidia stock. However, he soon saw his shares soar by 284%. Last month, Cramer said he’s on the rise at Nvidia. However, the company’s share prices immediately fell 2.4%. Cramer’s reversal has been so pronounced in recent years that an Inverse Cramer Tracker ETF has been created to take advantage of Cramer’s often unintuitive market calls. The fund is short-selling Cramer’s recommended stocks. Thus, it aims to profit from any subsequent price drop. Therefore, given the current regulatory and internal challenges of the exchange, its support for Binance and the BNB token has received a lot of attention.
