TL;DR
- After Jim Cramer predicted Bitcoin’s decline, attorney John E Deaton promptly invested in BTC, challenging Cramer’s view.
- Historically, Cramer’s crypto forecasts, like advising to sell BTC at $17,000, have been off-mark as Bitcoin later surpassed $27,000.
- Cramer anticipated a 2022 bull run; however, the crypto market faced severe downturns, with Bitcoin dipping below $16,000.
Betting Against Jim Cramer
John E Deaton – an American attorney representing thousands of Ripple (XRP) investors in the lawsuit against the US Securities and Exchange Commission (SEC) – said he invested in Bitcoin (BTC) right after hearing Jim Cramer’s latest stance on the primary cryptocurrency.
I bought some #Bitcoin immediately after watching this on principle alone. https://t.co/RYVbspG7BY
— John E Deaton (@JohnEDeaton1) October 10, 2023
The popular TV host predicted a downfall for the asset. His comments came in response to the billionaire investor Paul Tudor Jones, who recently declared his support towards BTC once again.
Most X users who took part in the discussion below Deaton’s post praised his decision, reminding the numerous failed crypto forecasts coming from Cramer in the past years.
The “Jim Cramer Effect” on Bitcoin
There are plenty of examples when the host of CNBC’s financial TV show “Mad Money” has advised investors to sell BTC or other digital currencies. Nonetheless, in many cases, his counsel has not been precisely spot on.
In December last year, he urged people to part with their “awful” crypto positions, adding that it’s never too late to exit the ecosystem. The price of BTC was hovering around $17,000 at that time, while it currently is well above the $27K range.
At the start of 2022, he was more bullish on crypto, suggesting that BTC and ETH selloffs could be over, hinting about a possible bull run. However, the following months were quite devastating for the industry, which witnessed the Terra crash, the Celsius Network bankruptcy, and the FTX meltdown.
Unsurprisingly, those dark events took their toll on the leading digital asset, whose price collapsed below $16,000 on a couple of occasions.
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