The world-famous financial analyst and CNBC’s Mad Money host Jim Cramer has once again expressed his negative outlook on cryptocurrencies, predicting “another weak year for crypto” in his latest update. This skeptical approach is far from a first-time occurrence. According to Cramer, cryptocurrencies are assets doomed to fall.
Jim Cramer and His Crypto Predictions
Cramer’s predictions regarding cryptocurrencies have often been incorrect recently, sparking a new debate in financial circles. Following the 2022 downturn in the crypto market, 2023 has brought noticeable growth. Nevertheless, Jim Cramer continues his skeptical stance on cryptocurrencies.
Cramer’s candid comments about crypto investors and the market at large have once again attracted attention, especially with the soaring expectations for ETFs, increasing institutional adoption, and the growing general acceptance of cryptocurrencies.
Despite Cramer’s bearish sentiment, the crypto market, particularly Bitcoin, has shown resilience against the market and climbed above $45,000 in the early morning hours. At the time of writing, Bitcoin was trading at $45,200, having risen above $45,700 during the day, marking the highest value since April 2022.
The cryptocurrency recorded a 5.76% increase on the second day of the year, raising its market value to $888.7 billion. This rise in performance contradicts Cramer’s predictions of a weak year for crypto and leaves investors and enthusiasts wondering about the factors contributing to this increase.
As developments in the crypto market continue, it will become clear whether Cramer’s skepticism will prevail and once again challenge the market’s expectations.
The Contrarian Cramer Effect
Jim Cramer’s historically negative views on Bitcoin and cryptocurrencies have earned him a reputation as a crypto skeptic and made his name well-known in the crypto world.
Cramer’s past statements, which have been mocked, led to the emergence of the “Contrarian Cramer” phenomenon, where investors take a position opposite to his predictions.
The strategies that emerged didn’t stop there; leading investment firm TUTTLE launched the Inverse Cramer ETF in October 2022, which had grown significant enough to warrant its introduction. The actively managed ETF with equal weighting tracks stock based on Cramer’s live broadcasts on CNBC and his social media posts.
