- Speaking about different assets, CNBC host Jim Cramer sheds his opinion on crypto.
- Cramer says that crypto has no real value.
- He also slammed NFT as an awful asset.
Jim Cramer, the host of CNBC, flips his stance on crypto, saying that it holds “no real value.” The TV personality says that the total crypto market cap might plummet below $1 trillion.
Cramer believes that the crypto market is at the bottom and that the market could even plummet further. He also took a dig at NFTs, stating that they were an awful asset class. Cramer, who is the host of CNBC’s Mad Money, is known for giving his recommendations on stocks and crypto.
“Crypto really does seem to be imploding. Went from $3 trillion to $1 trillion. Why should it stop at $1 trillion? There’s no real value there,” says @jimcramer on #crypto. “What an awful asset. NFTs sold to you. Made up.” pic.twitter.com/09e5ST8q0N
— Squawk Box (@SquawkCNBC) July 5, 2022
However, Cramer’s predictions are famously unreliable, so much so that he has become the face of a popular meme in the crypto community. There are even Twitter accounts such as the “Inverse Cramer ETF” that mock the host’s predictions.
In a segment that aired on July 5 on CNBC’s Squawk Box, Cramer was talking about various asset classes and how they were performing. During the conversation, he talked in depth about the asset class that he is most interested in. He spoke about crypto and predicted that the asset holds no real value.
Crypto really does seem to be imploding. Went from $3 trillion to $1 trillion. Why should it stop at $1 trillion? There’s no real value there.
Nevertheless, Cramer had once stated that he was an Ethereum believer, that it was terrific, and that investors could easily get 35–40% returns on ETH. Ethereum was trading at $3,000 during that time and has plummeted to $1,000 now.