Jim Cramer: I Was Wrong About Cryptocurrency (Bitcoin & Ethereum to ZERO?!)
Anymore, wont need or maybe shouldnt. I think its time. We start questioning the fundamentals of crypto. Yes welcome, back everybody to altcoin daily my names austin. I want to share this video with you in full. This is cnbcs jim cramer, officially on record that cryptocurrency is bad and he should have never invested in the first place. Jim cramer just questioned whether crypto should be reported on at all and says he was wrong too, even though he made money on it im at least big enough to admit this time. I was wrong about crypto. Let me share with you the first half of this clip, a piece of which youve already seen and then afterwards in todays video. I want to share with you why jim cramer is wrong about being wrong. Well, take a look at his calls, a timeline over the last two years, where historically, his calls have often been a good counter. Trade with crypto. Well, revisit this historic moment on the daily show, where jon stewart hammered jim cramer over his massively wrong call about the collapse of the 07 housing market and then share with you. The second half of this clip, where jim cramer calls out specific altcoins as well as going to the real reason that the bitcoin price continues to go down like always check the timestamps down below smash the like button and lets jump in with jim cramer. From yesterday. Talking about crypto watch this, but now the big ones, bitcoin and ethereum – are cascading im, beginning to wonder whether one day sometime soon, we wont even need to have these quoted on the side of the television screen.
Anymore, wont need or maybe shouldnt. I think its time. We start questioning the fundamentals of crypto and i dont like when we question the dot com movement in 2000. 2001.. When all things crypto took off with great fanfare, like the dot com bombs, we were told that they were stores of value, that they meant something that they would be around for a long time. I believe that rap 300 went out of business im, at least big enough to admit that this time i was wrong about crypto. I wish the real promoters do the same. Just because you make money in it, which i was fortunate enough to do. Doesnt necessarily mean that its for real wow, and that is where the first half of this clip gets off, keep listening. I do the second clip i do want to share with you later in todays video, but this is jim essentially saying that crypto is dead, its not coming back. It was a bubble that popped and hes sorry forever, bringing it up and for perspective. Let me share with you a timeline of jim cramers journey into crypto. In the first place, this chart is from the start of 2020 to present day where we are now. It was back at the very end of 2020. Bitcoin was about to break twenty thousand dollars. Break all time highs and go on a massive bull run when jim cramer puts out there. Bitcoins chart suggests buyers.
Beware encouraging you to stay out of the market. I.E! Dont buy cryptocurrency. Now this did cause a price dip at the time. After all, this was fud on the market, but then for the next several months, bitcoin rallied stronger jim then issued a bullish tweet, which was in hindsight the top of the market pay me in bitcoin back in april 2021. He then got bullish on eth about a month later, im a huge believer in ethereum and bitcoin, but not doge, sorry, so he was signaling his bullishness as the market was about to head into a multi month. Correction, then, next up in june, right at this local bottom, jim tweeted sold all my bitcoin to buy a farm still have some ethereum which game which game anyway, he sold at the local bottom. We then rallied for the next multi months and then cut to 2022. This just happened yesterday, kramer says avoid all speculative investments like crypto as the fed stays hawkish once again, things that could have been brought to my attention yesterday. Damn i could have used this information a little while ago. A lot of this has already happened, and how does this affect you as a crypto holder? Well, nothing is guaranteed, but just know that cnbc in general and jim cramer in this case specifically, has always been a good counter. Trade like this chart right here when they get bullish, we often see bearish when they get bearish.
We often see bullish not every time but many many many times throughout history, and i want to finish this clip where jim cramer calls out specific altcoins, hes bearish on but very quickly. Let me remind you of this apology. Tour, jim cramer went on after the 08 housing crisis, where jim on his own show days before the financial collapse told everybody the market was sound, bear stearns was solid. Of course, we then saw the exact opposite. It was a huge financial collapse and, on the daily show, jon stewart brings up this 2006 clip of jim cramer educating how to manipulate a market. All this is, of course, just context to give you the most information today as a crypto holder. This is about a 90 second clip watch this and theres the people who say they only make good calls and theyre liars. I i try really hard to make as many good calls as i can. I think that the difference is not good call bad call. The difference is real market and unreal market. Let me, let me show you this is, is uh, you ran a hedge fund. Yes, i did for many years all right. You know a lot of times when i was short at my hedge fund and i was positioned short meaning i needed it down uh. I would uh create a um, a level of activity beforehand that could drive the futures. It doesnt take much money. What does that mean? Okay, uh? This was a a hyperbolic example of what i was trying to get people.
You had a great piece about short selling earlier, yes, ive been trying to reign in short selling, trying to expose what really happens. This is what goes on. What im trying to say is – and i didnt do this but im trying to explain to people this is the shenanigans sounded like you were talking about that you had done it then i was inarticulate because i i did trade. I barely traded the futures, but i will say this: i am trying to expose the stuff exactly what you guys do and im trying to get the regulators to look at well, see thats, interesting roll 210 sure i would encourage anyone whos in the hedge funding to Do it because its legal right and it uh its a very quick way to make money and very satisfying okay uh well by the way? No one else in the world would ever admit that. But i didnt care thats right and you can say that here i cant im, not gon na, say it on tv on tv. Now i want the jim cramer on cnbc to protect me from that jim cramer. I think the way you do that is to show okay thats, i alright and thats, where my clip at least gets cut off. Give me your thoughts on this down below my point in all. This is not to vilify jim hes. Had some good calls as well. Hes had bad ones and good ones, but when he comes at cryptocurrency so hard like yesterday, basically writes off the whole market, essentially telling his viewers that cryptos over thats wrong.
I wont stand for that now. Lets finish this clip from yesterday of jim cramer, calling out specific bad quote: unquote, altcoin projects watch this. So where do all these selling avalanches put us look fed chief jay pal told us that we need to stop doing stupid things with our money. That was the real thrust of a speech on friday hes going to bring the pain until it puts an end to the gambling. Of course. Hell also hurt some good investments in the process, not just the chits at the dog track, but we cant thats thats a crypto dog track like used to be the wonderland, zion kennels theyre total winners, but we wont see the end of this decline until we get As a giant washout of all things that are speculative, that dont make money, this is what it looks like when the fed gets serious. This is the charnel house. What matters is that we just have to get through it intact. Dont get me dont, get smacked and dont get cryptoed and youll get through this ticket and find yourself in a much better time when we are sufficiently oversold for huge bats. Something has happened were getting very close to if you follow the oscillator that i do bottom line, and this is really important. I need you to stay the heck away from unprofitable junk profitables, fine oil spot proper oil, profitable text. Fine. I need you to stay away from the thought out: specs the ridiculous ipos and get ready, dogecoin polka dot, die polygon, sheba avalanche unit, swap cosmos, golem old golem optimism, kyber tribe, request rally, my neighbor alice league of kingdoms and a couple of other really solid investments That i can get you as long as you like blockchain theres, no point to any of this stuff beyond separating you from your money.
Wow again give me your thoughts on this down below, but hes, essentially, writing off an entire space, an entire emerging sector, because global markets are crashing and, last but not least, the real reason that bitcoin the markets are correcting is because were seeing a 20 year high On the dxy 20 year, high for the strength of the u.s dollar relative to other major fiat currencies, so yes, even though, were seeing record inflation as well, and the purchasing power of us dollar is nothing compared to what it was 5 10 20 years ago, were Killing it, our garbage is better than all those other countries garbage and demand for the us dollar is going up relatively speaking, and that is the video my names austin thanks.