The recent turnaround of crypto markets has American media personality Jim Cramer calling foul, although his pronouncements often prove false.
Signs have started to emerge over the past month of a thaw in the crypto winter of that past year. So far in Jan., Bitcoin has risen some 30% from $17,000 to $21,000. Ethereum has also risen over 30%, while total crypto market capitalization has risen back above $1 trillion. Even non-fungible tokens (NFTs) saw a rebound in sales volume in Dec.
Yet, rather than acknowledge any of these developments, cryptoskeptic Cramer instead attributes these gains to market manipulation. However, the pronouncements of the financial media personality are known to fall wide of the mark.
Cramer’s Questionable Calls
Since the collapse of FTX, the most recent inflection point for crypto markets, Cramer has made a few questionable calls about crypto. First was his opinion of Sam Bankman-Fried. While the crisis unfolded Cramer made several disparaging remarks about Bankman-Fried, implying crypto investors had been fools to trust him. Yet, just months prior, like most other media outlets, he had been singing Bankman-Fried’s praises calling him “the new J.P. Morgan.”
Like others, Cramer also believed that the collapse would trigger a broader crackdown from authorities who would soon perform a “sweep.” By his estimation, this had started by Jan. 12 with Genesis and Gemini, which he described as “a fabulous short squeeze run.”
However, Cramer made another prediction about crypto companies that proved patently false. Earlier this month, Cramer said that the SEC would not allow Binance’s purchase of Voyager’s assets to go through. He argued the SEC “is VERY worried that Binance will prove to be more chimerical than we think.” A U.S. bankruptcy court later approved Voyager Digital’s proposed $1 billion sale of its assets to Binance.US.
Inverse Cramer
Indeed, Cramer’s comments are known to be so notoriously off their target that investors have created inverted indicators. Last year, the host of CNBC’s Mad Money had a pair of exchange-traded funds named after him.
While one fund will follow his advice, the “Inverse Cramer” fund will do just the opposite. The Inverse Cramer concept has also taken to social media, with a dedicated page highlighting his consistent gaffes.
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