Jim Cramer

Jim Cramer, the host of CNBC’s Mad Money, is bearish on crypto. Cramer has said that cryptocurrencies have no real value, adding that the market cap will further fall below $1 trillion. This is not the first time Cramer is taking a negative stance on the crypto space despite paying his mortgage in Bitcoin early last year.

Cryptoassets are a highly volatile unregulated investment product.

Jim Cramer says Bitcoin has no real value

Cramer has been an on-and-off investor in the crypto space. After China banned cryptocurrency mining last year, Cramer announced that he had sold all of his Bitcoin and predicted that more dips would come. His recent remarks have some crypto investors believing that the bottom is in.

The former hedge fund manager is popular on CNBC for providing investment advice on financial products such as stocks and crypto. However, he has created a reputation of his predictions being mostly inaccurate, and sometimes, the market performs the exact opposite of his predictions.

In a recent appearance on CNBC Squawk Box, Cramer slammed cryptocurrencies as an asset class, calling them worthless. He also predicted that more dips were on the way and that the market cap would drop below the $1 trillion mark.

Cramer’s recent remarks are now being used as a meme by crypto investors who believe the bear market is over. The CNBC host further made a mockery of the recent collapse of some crypto firms in the space, saying that Sam Bankman-Fried cannot save all companies. The FTX CEO has bailed out firms such as Voyager Digital and BlockFi amid liquidity issues.

In April this year, Cramer had predicted that Ethereum would deliver returns of between 35% and 40% in the short term. Since Cramer made this prediction, Ether has dipped by more than 60%.

One of Cramer’s bad investment advice was in August last year when he urged people to invest in Coinbase stocks because they had growth potential. At the time of the prediction, COIN was trading at around $248, but it is now trading at $55, having dropped by over 70% year-to-date.

Cramer attacks NFTs

Cramer’s attack was not just about cryptocurrencies. He went ahead to express his disdain for non-fungible tokens (NFTs). While going after NFTs, Cramer questioned the heavy investments poured into the NFT space, calling it an “awful” asset.

However, Cramer’s remarks have not triggered any panic. In fact, some investors have claimed that a bull market could be around the corner given Cramer’s prediction history, with some investors saying it is now time to buy Bitcoin and other cryptocurrencies.

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