The expert forecasted that Bitcoin would reach USD 1 million but later called it illegal. He has also made many wrong predictions, advising investors to sell their Bitcoin, whose price reached its all-time high in 2021.
Jim Cramer, a former hedge fund manager, and CNBC TV host, recently said cryptocurrency investors could still sell their positions.
However, he has often given inaccurate advice, causing many participants to expect a market rally wrongly.
TV Host Jim Cramer Is Back in the Spotlight
The TV host recently advised investors to withdraw their cryptocurrency at all costs. He believes they should exit the market, suggesting that the crypto winter might not end in the short term.
Cramer thinks Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC) are the cryptocurrencies most likely to drop to near zero.
This year, most cryptocurrencies have lost value considerably, with Bitcoin (BTC) dropping by almost 65%. Besides, investor interest has declined significantly, while several companies face liquidity problems. For example, FTX, BlockFi, Three Arrows Capital, and Celsius have filed for bankruptcy protection.
Although the market has experienced winters before, many crypto assets like Bitcoin have overcome the difficulties.
The former hedge fund manager argued that many boosters want to inflate the market with financial efforts like Tether, the company issuing USDT.
Jim Cramer Has Made Many Wrong Predictions about Bitcoin and Ether
Throughout the years, the American expert has shown a controversial position about crypto assets. In 2017, he forecasted that Bitcoin would reach USD 1 million but later labeled it as an illegal currency.
However, Cramer joined the pro-Bitcoin team in 2020, when he hailed the maximum supply of 21 million coins as a financial advantage. Later that year, he compared BTC to gold and invested in it when it traded at around USD 17,500.
As the price of Bitcoin rose, Cramer supported it, even requiring a salary in BTC instead of fiat money. However, the recent market crash changed his viewpoint, turning him into a crypto critic once more.
He has made many wrong predictions, recommending that investors withdraw their holdings. For example, he said in 2021 that the Evergrande debt crisis in China might trigger a market crash. Two months later, Bitcoin skyrocketed to an all-time high of nearly USD 69,000.
In January 2022, Cramer commented that the correction in BTC and ETH prices might end, advising investors to reconsider entering the market. However, the leading cryptocurrencies have dropped further after reaching their all-time highs last year.
Meanwhile, Bitcoin is trading at around USD 16,767 and has accumulated a 2.0% gain over the last week. While its daily trading volume is above USD 22.67 billion, its market capitalization is about USD 322.38 billion, according to CoinGecko.
Regardless of what some experts say, investors should research crypto assets before buying them to learn about their all-time highs, behavior, and possible future prices. It is only a matter of time before seeing where the market will take the value of crypto assets.
By Alexander Salazar
