Jim Cramer continues his poor prediction for Crypto
Jim Cramer, a market analyst and presenter of CNBC’s Mad Money Show, has maintained his pessimism over the fate of cryptocurrencies in 2018.
Cramer said on Twitter that he is questioning how many individuals are still active in cryptocurrencies despite his belief that this year may possibly be a continuation of the previous one.
“As I forecast another bad year for cryptocurrencies, I wonder how many individuals are still interested, now in the millions,” he tweeted.
Cramer is regarded as one of Wall Street’s top analysts, and as a prominent financial personality, many seek his investing advice. Cramer was not always opposed to Bitcoin and cryptocurrencies; in fact, he was previously a major proponent of the emerging asset class.
At one time in 2021, Jim Cramer was really hopeful that if the United States Securities and Exchange Commission (SEC) approved the first BTC Exchange Traded Fund, the price of Bitcoin will skyrocket (ETF). While the SEC has not yet authorized an application for a legitimate Bitcoin ETF, Cramer dumped his Bitcoin holdings in favour of Ethereum, which he believes has more use due to its decentralized smart contract-enabled architecture.
According to Cramer, cryptocurrencies are no longer worth the effort, notably Litecoin (LTC), Dogecoin (DOGE), and pump-and-dump coins.
While Cramer may have a huge following and influence, proponents of the digital currency ecosystem, unlike their stock market counterparts, do not see financial professionals as oracles. Although it is typical for traders to rely on their investment decisions on the advice of a prominent figure, long-term investors do not always see financial gurus as oracles.
Based on his gloomy forecasts for the year and his desire to see people abandon cryptocurrency, it seems doubtful that Cramer’s desires will come true. According to CoinMarketCap statistics, despite Bitcoin’s decline of around 65 percent in the previous year, more than 960,000 Bitcoin addresses were active in the past 24 hours.