Jim Cramer, presenter of Mad Money has once again altered his stance on cryptocurrencies, forecasting that the overall market valuation would go below $1 trillion because “there is no real value there.”
After CNBC commentator Jim Cramer declared there was “no real value in crypto” and projected the market would fall lower, some in the crypto world feel the bottom may be in.
As the anchor of CNBC’s Mad Money, Jim Cramer is well-known for his investing advice. However, he has established a reputation in the cryptocurrency world for delivering stock and cryptocurrency predictions that are often off-target or opposite of his forecast.
In the last several years, his forecasts and his on-again, off-again love-hate connection with crypto have become a famous joke in the community.
On the July 5 episode of CNBC’s Squawk Box, Cramer discussed the dismal performance of numerous asset classes in 2022. He added that crypto is the area he is “particularly interested in” at the moment while dismissing it as fundamentally useless and expecting more destruction.
“Crypto seems to be really crumbling. From three trillion to one trillion. Why stop at a trillion dollars? There is no true value in it.”
How many businesses is Sam Bankman-Fried able to save? he added.
Two months ago, Cramer excitedly claimed that he was a “believer” in Ethereum and that investors might “easily receive 35-40 percent” on their investments in the near future.
This forecast was made when the price of Ether (ETH) was about $3,000; since then, the price has decreased by 62 percent.
During the broadcast Cramer again criticised NFTs, questioning why so much money is being invested in such a “terrible” asset class.