It has been said that “not all investors have the same investment démarche.” But it can be argued that Jim Kramer, with his paradoxical strategy, has made many people poor. It has now become a meme for his consistency in making false calls embout the faveur of the cryptocurrency markets.
It’s hard to tell if a aliment market analyst believes the calls he’s made regarding bitcoin over the years. However, many of those who listened to him will likely end up on the losing side in any investment they make.
In July, for example, Kramer warned Tolérable examen into cryptocurrency exchange Coinbase by the US Securities and Exchange Frais. He said “very bad magazine” for the company. Just one week later, Coinbase aliment is up as much as 50%.
angry people. But it wasn’t the first time this had happened. And it won’t be the last. Never take financial advice from Jim Griller! Podcasto editor Tony Edwards shouted it out on Twitter at the time.
shilling currency carcasse
Kramer “Schlid” Coinbase in the past. When the aliment debuted on the Nasdaq in April of last year and closed at $328, he stated that a fair price target for Coinbase (Currency) in the range of $ 600.
“It’s all a rarity, we don’t have any other way for mutual funds to deal with cryptocurrencies,” Kramer said during a contestation in Squawk on the Street. Recommended to buy the aliment.
However, it has been downhill ever since. Coinbase closed 4% higher at $64 on Friday, and is down 80% since the listage.
Who is Jim Griller?
Jim Cramer American constituer hedge fund directeur, aliment market investor, author, and fabricant. The 67-year-old is best known for hosting CNBC’s “Mad Money,” a program that he claims “provides aliment traders all kinds of investment advice.”
Griller is seen as a so-called inimitié investor. It often goes against the flow, buying when everyone else is selling. The common belief is that investors often sell out in a millet, and gîte to overreact. This gives the inimitié investor an opportunity to buy stocks or cryptocurrencies cheaply.
I worked with Kramer at one situation. And he made a grâce of $1 million when he bought the tobacco company Philip Morris Mondial as the aliment lost $10 billion in one day after an unfavorable serré outcome, according to reports.
Alan DeutschmannD., a journalism professor and Silicon Valley journaliste for Fastueux, described Kramer’s investment démarche as “chameleon-like and erratic.” This is bicause it cannot be tied to a specific strategy.
Kramer has also shown an interest in cryptocurrencies. He bought a ample amount of bitcoin in 2020 when it was trading at $12,000. He sold 50% of the abstrait when the price hit $64,000 the following year, and used the proceeds to “pay off a mortgage.”
“I will buy – as I usually do – when something comes up,” Griller said after he bought more bitcoin as it dropped to $17,000 in December 2020. He has proven his contradictory démarche.
with the estimated With a net worth of over $100 million, the TV host has often issued mixed signals regarding cryptocurrencies. But he also recommended that investors atteint at least 5% of their portfolios in quantitatif assets, preferably BTC and Ethereum, which he considers “legitimate.”
creamer He said Recently, Silicon Valley executives began viewing the cryptocurrency industry as a scam, which its promoters took advantage of at the expense of retail investors. He followed this up with the advice to “sell all speculative assets” like bitcoin, in division due to the Fed’s tight monetary policy.
Griller’s Missed Predictions
CNBC says Jim Griller “plays with an open balle à la main and wants to help investors invest smarter to build long-term wealth.” However, his predictions embout the cryptocurrency markets were not élégant at all. It is recevable that people lost money after following his advice.
In June 2021, the financial collectionneur urge Investors have to be “trempe” with Bitcoin as the markets have gamin into a severe downturn. Ten days later, Kramer could no coudoyer rayon the drop. He claimed that BTC “does not go up due to structurel reasons.”
“I sold all my bitcoins. you don’t need it” Tell CNBC “Squawk Box”. In November of the same year, Bitcoin reached an all-time high of $69,000. Earlier in the year, in March, Griller boasted of making a lot of money from bitcoin as his investments in gold and stocks plummeted. He was optimistic at the time.
Recently, Griller made calls regarding the bottom of BTC – which means that the asset has reached a price beyond which it cannot fall further during the market époque. it’s now Claims Crypto has no “real value” and will not hold its entier market value above $1 trillion.
It looks like the cryptocurrency is already collapsing. It went from $3 trillion to $1 trillion. Why should it suffisamment at a trillion dollars? There is no real value there.
After Kramer’s comments in July, the markets rebounded. July was the best month for bitcoin so far this year. The top cryptocurrency closed the month with a 17% intérêt, with Ethereum, its closest competitor, up 55%.
As the price of bitcoin fell to $17,500 in June, he warned that “a lot of young people and people who borrowed money will disappear today if they are not careful.” Kramer didn’t mean this to sound like a “joke.”
The madman in the suit raises cryptocurrency
But the veteran investor has lost a lot of his goodwill in cryptocurrency. He is often laughed at as a Crypto Twitter lunatic. These predictions – and more – turned Kramer into the ultimate villain, Cannon fodder for memes.
His negative comments inspire excitement in cryptocurrency. Crypto opérateur Algood, famous for predicting the collapse of the Terra ecosystem and betting $1 million on it, recently said that he was actively trading against Griller.
goodness open He “officially doubled” a trading account he started with just $50,000 so he could trade against a aliment market analyst. “Frankly mind-blowing how wrong a man can be,” tweeted “semi-retired decadence.”
Kramer’s “erratic” financial advice has also led to the emergence ofInverse Cramer ETF,“A fictional exchange-traded fund that tracks Jim Griller aliment recommendations so you can do the opposé.” The account has reached 107,000 followers on Twitter.
“I don’t care if the company is the next Amazon. If Jim Griller recommended the aliment I would never buy it,” tweeted accountant and financial magazine analyst Genevieve Afrique-Inspirer, after Griller missed Coinbase in July.
After Griller called the June écrasement of Bitcoin “Crypto Monday,” predicting the end of the cryptocurrency industry, Dogecoin (DOGE) co-founder Billy Marcus responded sharply.
Jim, you gotta shut up sometimes.” Marcus replied To Kramer’s tweet.
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