CNBC’s Jim Cramer calls last day’s market crash “Crypto Monday.” “I don’t want to be kidding,” Cramer said on CNBC’s “Squawk on the Street” podcast. “Many young people and people who borrow money will be finished today if they’re not careful,” he said. Cramer described the fix as shocking. His comments represent a shift from last year in his more positive outlook on Bitcoin and altcoin projects. Here are the details…
Is Cramer out of his position in the leading altcoin ETH?
Speaking to tech executives during his trip to San Francisco last week, Cramer said that Silicon Valley thinks crypto is a scam, and that its backers feel it’s getting too much money from unsuspecting investors. As Kriptokoin.com , Cramer, who has put some of his own money in crypto in recent years, said that he was able to get his money out of ETH, the world’s second largest crypto, which gained 20 percent value. He basically said he even broke his original investment.
Monday’s 17 percent drop sent Bitcoin below $23,000. That’s a 66 percent drop from the all-time high in November. The world’s largest cryptocurrency is no stranger to so-called crypto winters that have led to eventual recoveries being recorded. However, Cramer questioned whether what he calls “Bitcoin maniacs” would simply enter the crypto market to stop the bleeding, as they have in the past. Cramer said the decline in Bitcoin and the crypto market is not systemic risks, but rather a “necessary cleanup of speculation.”
Are Cramer’s comments actually “bullish”?
Cramer says he doesn’t want to make a joke about the crash. But the crypto community on Twitter had no problem making a joke about Cramer’s comments. Cramer’s half positive and half negative reputation for financial analysis; has recently spawned the “Reverse Cramer ETF”, a fictional ETF that suggests the opposite of everything Cramer says will happen.
Solana’s co-founder Anatoly Yakovenko predicted yesterday that Cramer’s outlook will decline. “Cramer will talk about his bearish sentiment in cryptocurrencies,” he tweeted. The “Mad Money” host said he had a pessimistic view of cryptocurrencies from many in Silicon Valley, with some calling digital assets “frauds.”
A major fund must also close
And Cramer will utter a bearish crypto prose https://t.co/8LvKnhS0Pe— toly 🇺🇸 (@aeyakovenko) June 12, 2022
during the “Squawk” podcast Cramer said that the marketing pressure for crypto is driving people to speculate on cryptocurrencies. He noted that Crypto.com brought up its ad with Matt Damon that read, “Luck favors the brave.” “That’s what happens in these cases,” Cramer said. “People who are heavily invested in crypto will come and take a stand, like Braveheart,” Cramer says, referring to the 1995 Mel Gibson film about William Wallace’s war against British rule in Scotland.
