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The waters are still turbulent in the world of cryptocurrency. In a lawsuit filed against the Securities and Exchange Commission (SEC) in the United States, a prominent XRP supporter representing thousands of Ripple investors, American lawyer John E Deaton, found himself among those commenting on Bitcoin‘s strong price movement within 24 hours.
Cramer’s Bitcoin Comment
Deaton humorously pointed out a funny aspect. He reminded people that Jim Cramer, a TV commentator known for his comments being proven wrong, advised people to sell their “terrible” crypto asset positions, only for the market to rise shortly after. Deaton argued that it is never too late to exit the ecosystem.
On October 24, 2023, John E. Deaton made the following statement:
We all know who hit the bottom. The day Jim Cramer said that #Bitcoin would fall and everyone should sell.
Bitcoin’s value was trading below $18,000 in December 2022 (when Cramer made his comment on CNBC’s “Mad Money” show). Since then, the price has almost doubled and is currently trading at $34,000.
Cramer’s Previous Predictions
It is known that the famous figure Cramer’s comments and views on crypto have changed many times in recent years. There are several examples of Cramer advising investors to sell or buy crypto assets.
At the beginning of 2022, he expressed the view that the market correction had ended and advised people to increase their investments in Bitcoin, Ethereum, and other cryptocurrencies. However, contrary to his statement, the downward trend continued. In the second half of 2022, the FTX crisis erupted, causing a sharp price drop.
As expected, this situation triggered a clear price drop of perhaps 99% on the market, regardless of size.
Cramer’s unfortunate predictions were not limited to cryptocurrencies alone. In February 2023, the famous figure stated that Silicon Valley Bank shares were still “cheap” and that investors could take advantage of this opportunity to invest.
Just a month later, the world-renowned financial institution collapsed. This created a panic among existing investors and led to one of the most important banking crises in American history.
