Former hedge fund manager Jim Cramer has not been having much luck with his buy and sell calls on crypto, and his latest one has not been any different.
Cramer is the host of CNBC show “Mad Money w/ Jim Cramer“. He is also a co-anchor of CNBC’s “Squawk on the Street“, as well as a co-founder of the financial news website TheStreet.
On 23 December 2022, during an appearance on CNBC’s “Squawk on the Street”, Cramer told the program’s anchor Carl Quintanilla:
“One of the reasons was why I’m upset and and I think the SEC should be a little more over these things is when we look at a filing of a stock, you know who owns it. We don’t know what this guy is…
“I mean I sold all my crypto. I announced everything on TV what I did with crypto, but I would not touch crypto in a million years because I wasn’t trust the deposit bank… They fought regulation.They didn’t want regulation. And you don’t have regulation. So, if you have your money in any of those, look, I’m not calling you an idiot. I’m just saying you’re using a lot of blind faith…
“Try to get your money out… I’m not going to mention the firm that I had my money in, but it was a fight to get the money out. A fight. And i think that everybody who owns these various coins, you know, Solana, Litecoin, I do think you’re an idiot… I did not go to college to get stupid. These people who only these things should not own them…
“I think they need to do a big sweep. They have to stop having people creating money, Carl…. These are worse than even the worst Nasdaq stocks.“
Then, on 9 January 2023, he told his 1.9 million Twitter followers that this was a good chance to get out of crypto, which prompted Dan Held, Bitcoin educator and marketing advisor at Trust Machines, to say that Cramer’s comment meant that the crypto market had bottomed:
According to data by TradingView, since Cramer’s tweet on 9 January 2023, the price of Bitcoin has gone from $17,276 to 23,232, which is a gain of around 34.5% vs USD:
