CNBC’s Jim Cramer says crypto has ‘no real value’

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Given his track record, some in the The crypto community believes the market may be bottoming now after CNBC host Jim Cramer said there was “no real value in crypto” and predicted the market would continue to plummet.

Cramer is known for sharing his investment know-how as the host of CNBC’s Mad Money, but has built a reputation in the crypto community for sharing stock and crypto tips that generally end up are missed or are the complete opposite of its prediction.

His predictions, along with his on-going love-hate relationship with crypto, have become a popular meme in the community in recent years.

Cramer appeared in a segment of CNBC’s Squawk Box on July 5 Leave a Comment on the bearishness of various asset classes in 2022. He stated that the current sector he is “most interested in” at the moment is crypto as he called it essentially worthless while predicting more carnage.

“Crypto really seems to be imploding. Has gone from $3 trillion to $1 trillion. Why would it stop at $1 trillion? There is no real value there.”

“How many companies can Sam Bankman-Fried save?” he added.

The comments are in stark contrast to just two months earlier, when Cramer enthusiastically declared that he was a “believer” in Ethereum and “you could easily see a 35-40% return in the near future.”

This prediction was made when Ether (ETH) was priced around $3,000 and the price has since fallen 62%.

During the segment, Cramer also followed up on NFTs when he questioned the amount of money being thrown around for such a “terrible” asset class:

“NFTs, I mean, you look at these companies you’ve never heard of and they exploded over the weekend and you’re like, holy cow, there’s $600 million going down the drain. […] What a terrible asset. NFTs Sold to You. Invented.”

In response to Cramer’s tips, accounts like the Inverse Cramer ETF have sprung up on Twitter, which “tracks Jim Cramer’s stock picks so you can do the inverse.”

The profile has garnered 62,800 followers so far and recently watched Ford and Nike share prices fall 25% and 7%, respectively, since Cramer recommended them as a buy.

Cramer first bought Bitcoin (BTC) in December 2020. During last June’s bear market, Cramer stated he had sold all of his BTC, saying the price “won’t go up for structural reasons.” Four months later, BTC’s price rose to its ATH of around $69,000.

Related: Bitcoin price fluctuates 7.5% during intraday trade as worries about the US recession mount

Another notable tip came in August 2021 when Cramer suggested buying Coinbase stock COIN as it was “cheap” at around $248. At the time of writing, the price of COIN is $55.41 according to Yahoo Finance.