Many Twitter users reminded Cramer of the completely different stance he had taken a few months earlier.
Jim Cramer, host of CNBC's "Mad Money" financial TV show, clarified that he is "not against cryptocurrencies" but is against such projects that deceive people.
This is yet another controversial statement from the American, who has changed his mind about the industry countless times over the years.
The crypto community often mocks him for making less than accurate price predictions and investment guidance. For one, in December last year, when Bitcoin was hovering around $17,000, Cramer advised people to sell their “bad” positions. Recall that the leading digital asset has recently surpassed $30,000.
Only for fake cryptocurrencies
Cramer took to Twitter to explain that he is not a critic of the digital asset industry. Instead, he is against "fake cryptocurrencies and institutions" that siphon money from investors and never give it back.
Please understand, I am not against cryptocurrencies and have done great things with cryptocurrencies, I am against fake cryptocurrencies and institutions that steal your money and don't let you get it back.
— Jim Cramer (@jimcramer) June 22, 2023
Hundreds of users commented on the post, pointing out that Cramer's latest statement was significantly different from what he had previously shared.
For example, he urged investors last September to avoid digital currencies, calling them “speculative assets.”
Cramer added, “Listen, Jay Powell, the Fed chairman, is telling us that we need to stop doing stupid things with our money… It’s important that we get through this intact. Don’t get named, don’t get SPACs, don’t get crypto. You’re going to get through this tough period and find yourself in a better period when we get sufficiently oversold and have a big rally.”
The American published another slam in December, claiming that people with exposure to cryptocurrencies should sell their “bad” positions.
Cramer's 'accurate' prediction
Besides being a well-known television personality, Cramer has gained popularity through his controversial cryptocurrency predictions, which have been wrong in many cases.
He said in early 2022 that the sell-off in BTC and ETH may be over, suggesting the start of a new bull run. Nevertheless, last year was devastating for the industry, witnessing the collapse of multiple giants such as FTX, Three Arrows Capital (3AC), Celsius Network, and Bitcoin and Ethereum also lost a large part of their US dollar valuations.
On the other hand, the cryptocurrency market started to rise shortly after he told investors in December that “it’s never too late to sell.” Since then, BTC has surged more than 75%.
