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Market analyst and host of CNBC's Mad Money Show, Jim Cramer has reiterated how pessimistic he is about the state of crypto this year. Taking to Twitter, Cramer said he is pondering how many people are still involved in cryptocurrencies despite his stance that this year might actually be an extension of last year.
“As i predict another weak year for crypto, i do ponder how many people are still involved, now many millions of people....” he tweeted.
Cramer is considered one of Wall Street's best analysts, and as a public financial figure, many take investment advice directly from him. Cramer has not always been anti-Bitcoin or crypto; in fact, he was once a big proponent of the nascent asset class.
At one point in 2021, Jim Cramer was legitimately optimistic that the price of Bitcoin could see a massive shoot-up if the United States Securities and Exchange Commission (SEC) approves the first BTC Exchange Traded Fund (ETF). While the SEC has not approved any application for a real Bitcoin ETF, Cramer jumped ship, dumping his Bitcoin assets for Ethereum, which he believed has more usage, per its decentralized smart contract-enabled designs.
To Cramer, crypto is no longer worth the strain, particularly Litecoin (LTC), Dogecoin (DOGE) and those that fall in the pump-and-dump category.
Experts are not oracles
While Cramer may command a sizable following and influence, proponents of the digital currency ecosystem, unlike their stock market counterparts, do not consider financial experts as oracles. Though it is not uncommon to find traders making their investment moves based on the recommendation of a public figure, those who are in this for the long haul do not necessarily consider financial experts as oracles.
It is unlikely for Cramer's wishes to come true based on his desire to see people quit crypto based on his bearish calls for the year. Despite Bitcoin dropping by about 65% last year, the digital currency still saw more than 960,000 addresses being active over the past 24 hours, per data from CoinMarketCap.
Vladislav Sopov