TL;DR
- After Jim Cramer’s sell advice in December 2022, Bitcoin nearly doubled from below $18,000 to over $34,000.
- Cramer wrongly encouraged crypto investments in early 2022, leading to a market downturn.
- Cramer’s endorsement of Silicon Valley Bank shares preceded its collapse a month later.
Cramer ‘Called the Bottom’
John E Deaton – an American lawyer representing thousands of Ripple investors in the lawsuit against the US Securities and Exchange Commission (SEC) – was among the numerous individuals to highlight bitcoin’s impressive price increase in the past 24 hours.
He also jokingly reminded that the primary cryptocurrency has started ascending shortly after the TV personality – Jim Cramer – advised people to sell their “awful” digital asset positions, arguing it’s never too late to exit the ecosystem.
We all know who called the bottom. The day @jimcramer said #Bitcoin was going down and everyone should sell. https://t.co/9iiJGTUzIg
— John E Deaton (@JohnEDeaton1) October 24, 2023
Bitcoin’s valuation stood at less than $18,000 in December 2022 (when the host of CNBC’s “Mad Money” issued his warning), while as of the moment, it is well above the $34K level, representing an approximate 100% increase.
Cramer’s Previous Forecasts
There are plenty of examples when the former fund manager (who has changed his vision on crypto numerous times in the past few years) has counseled investors to buy or sell their digital asset holdings.
At the start of last year, he assumed the market correction was over, advising people to increase their exposure to Bitcoin, Ether, and other cryptocurrencies. However, the downtrend continued, and the second half of 2022 witnessed some dark events like the FTX meltdown. Unsurprisingly, this triggered a price decline for most digital assets, including the largest ones by market capitalization.
Cramer’s unfortunate predictions have not only been focused on cryptocurrencies. In February this year, he opined that the shares of Silicon Valley Bank are “still cheap,” hinting that investors could use the opportunity and jump on the bandwagon.
Recall that the financial institution collapsed a month later, triggering panic among depositors and attributing to one of the most significant bank crises in America in the past years.
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