Sign Up on MEXC
Renowned financial analyst and host of CNBC Mad Money, Jim Cramer, has once again expressed his skepticism towards cryptocurrencies, predicting “another weak year for crypto” in a recent post on X.
This skepticism is not new, as Cramer has been consistently bearish on cryptocurrencies, even going as far as calling crypto holders “dumb.”
Jim Cramer Deviates From Many Bullish Crypto Projections
Cramer’s recent deviation from many bullish projections has sparked a renewed debate within the financial community. While the crypto market has seen remarkable growth and adoption over the past year, Jim Cramer remains skeptical about its prospects. His blunt assessment of crypto holders and the overall market has raised eyebrows, especially considering the ongoing trend of institutional adoption and increased mainstream acceptance of cryptocurrencies.
Despite Cramer’s bearish sentiments, the crypto market, particularly Bitcoin, has shown resilience and positive momentum. As of now, Bitcoin is trading at $45,734, reaching its highest value since April 2022.
As i predict another weak year for crypto, i do ponder how many people are still involved, now many millions of people….
— Jim Cramer (@jimcramer) January 2, 2023
The cryptocurrency witnessed a 7.16% increase on the second day of the year, propelling its market capitalization to an impressive $895.7 billion. This bullish performance contradicts Cramer’s predictions of a weak year for crypto, leaving investors and enthusiasts to wonder about the factors contributing to this surge.
As the crypto market continues to evolve, it remains to be seen whether Cramer’s skepticism will hold true or if the market will defy his expectations once again.
The Inverse Cramer Effect
Jim Cramer’s history with Bitcoin and his consistently negative outlook on cryptocurrencies have earned him a reputation as a crypto skeptic. In the past, his statements have led to what is known as the “Inverse Cramer” phenomenon, where investors take the opposite stance to his predictions.
This contrarian strategy gained enough traction to prompt investment firm TUTTLE to launch the Inverse Cramer ETF in October 2022. The ETF actively managed and equally weighted, tracks stocks based on Cramer’s on-air CNBC appearances and social media posts.
The Inverse Cramer ETF represents a unique approach, allowing investors to capitalize on market movements that go against Cramer’s forecasts. At the moment, the ETF is down by 0.63% compared to Bitcoin’s 7%, a showcase of how sideways expert predictions can grow.
Notably, it is crucial to note the associated risks, as investors could face losses if Cramer is absent from CNBC or X for an extended period.
Despite his criticisms, Cramer recently made a bombshell Bitcoin declaration, saying the premier digital currency is a technological marvel that has come to stay.
- Ethereum Treasury Firm SharpLink Confirms Compliance Amid Nasdaq Oversight
- Trump Media Acquires 684M CRO for Cronos Treasury, Strikes Deal with Crypto.com
- SEC and CFTC To Host Roundtable To ‘Harmonize’ Regulatory Frameworks for Crypto
- Hyperliquid Announces Plans to Launch USDH Stablecoin, HYPE Price Climbs
- Breaking: U.S. Jobs Data Comes In Below Expectations, BTC Price Spikes
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
- ETH Price Forecast as Grayscale’s Covered Call Ethereum ETF Spurs Optimism — Is $8,500 in Sight?
- Bitcoin Price Prediction as SEC Unveils Agenda for Crypto Regulation — Is $200K Next?
- ONDO Price Prediction Amid Bitget Collaboration on Tokenized Stocks and ETFs: Is $2 Next?
- Dogecoin Price Forecast as REX Osprey ETF Sparks Hype — Is $5 Within Reach?
