Cramer’s mixed track record in crypto-analysis led to the creation of the “Inverse Cramer ETF,” a fictional exchange-traded fund that recommends the opposite of everything Cramer says.
Great news for crypto! pic.twitter.com/uKJznTn1Pr
— Inverse Cramer ETF (Not Jim Cramer) (@CramerTracker) December 6, 2022
Consequently, the crypto scene pays little credibility to the host’s predictions. Still, Cramer is not always wrong. In June, for example, he predicted that cryptocurrencies would continue to fall. He based this on the actions of the Federal Reserve.
Cardano, XRP And Dogecoin Going To Zero?
In the latest episode, the Mad Money host said that investors still have time to sell their crypto holdings. According to Cramer, the markets will continue to crash in 2023, so crypto investors should sell “before it’s too late.”
“You can’t just beat yourself up and say, ‘hey, it’s too late to sell.’ The truth is, it’s never too late to sell an awful position. And that’s what you have if you own these so-called digital assets,” Cramer said.
Specifically, Cramer predicted that Cardano (ADA), XRP, Polygon (MATIC) and Dogecoin (DOGE) could crash to zero. According to him, these cryptocurrencies are still highly overvalued, so those who hold them should sell them.
BREAKING: Goldman Sachs mouthpiece Jim Cramer urges investors to exit crypto & says it’s never too late to sell. Jim is evil & dishonest. This is good news for Bitcoin. pic.twitter.com/YdSWi54OHV
— Gill Bates (@GillBatesVax) December 6, 2022
However, his reckoning with crypto didn’t end there. The moderator made serious accusations against Tether (USDT).
According to Cramer, the largest stablecoin in the crypto market could meet a fate similar to Luna’s TerraUST, which fell to zero in three days in May this year.
Tether, a so-called stablecoin that’s supposed to be kinda-sorta pegged to the dollar, still has a $65 billion market cap.
There’s still a whole industry of crypto boosters trying desperately to keep all of these things up in the air. Not too different from what happened with bad stocks during the dot-com collapse.
Remarkably, Cramer’s Bitcoin bear market low of $12,000, which he predicted in previous broadcasts, is still a long way off.
Peter Schiff Shares Bitcoin Prediction At $5,000
Cramer, however, is not the only Bitcoin critic spreading doom and gloom. Gold bug Peter Schiff has shared an assessment from Standard Chartered that Bitcoin is still overvalued at its current price of about $17,000.
According to the word-strong Bitcoin critic and multinational bank, BTC is at risk of another 70% crash in 2023. Standard Chartered claims Bitcoin could fall to $5,000 next year.
In a note entitled “The financial-market surprises of 2023,” Standard Chartered states that a negative surprise could be Bitcoin falling to US$5,000 next year.
Rising yields along with a slump in tech stocks will lead to an acceleration of the Bitcoin sell-off and cause more bankruptcies in the crypto world, according to the bank.
Goldman Sachs To Buy Up The FTX Mess
Despite all the dystopian predictions, however, there is also extremely bullish news today. As Reuters reports, Goldman Sachs is on the hunt for cheap crypto companies after the FTX collapse and plans to spend tens of millions of dollars to buy or invest in crypto companies.
Regardless of how the Bitcoin scene views this on ideological grounds, this should be a strong catalyst for maturation and progress for the institutional sector.
At press time, Bitcoin was trading at $16,967 and has lost its volatility again.