The year 2022 was a difficult one for cryptocurrencies, with Bitcoin, Ethereum, and Polygon experiencing significant depreciation. The demise of FTX, a major crypto exchange, due to liquidity issues further exacerbated the situation.
Despite this, many are optimistic that 2023 will be a better year for crypto. In a poll conducted by CoinMarketCap, a bitcoin tracking website, 83.11% of respondents expressed a bullish attitude for the coming year, while only 16.89% believed it would be bearish.
However, Jim Cramer has a different perspective.
Jim Cramer: ‘I would not touch crypto in a million years
Jim Cramer is a financial commentator and television personality. He is best known for hosting “Mad Money,” a financial advice show that airs on CNBC. Cramer is also the co-founder of The Street, a financial news and analysis website.
He expressed his reservations about cryptocurrency on Friday, saying he would not invest in it “in a million years,”, especially after the collapse of the crypto exchange FTX last month. He continued by saying that he would never personally invest in cryptocurrencies due to a lack of regulations and his distrust of deposit banks.
In his most tweet, he predicted another weak year for cryptocurrency.
Cramer, though, has not always been anti-crypto. In fact, Jim Cramer once genuinely believed that if the United States Securities and Exchange Commission (SEC) approves the first BTC Exchange Traded Fund (ETF), the price of Bitcoin may experience a tremendous increase.
While the SEC has yet to approve an application for a true Bitcoin ETF, Cramer changed ship, selling his Bitcoin assets in favor of Ethereum, which he anticipated will have more usage due to its decentralized smart contract-enabled designs. Cryptocurrency is no longer worthwhile, according to Cramer, especially pump-and-dump coins like Litecoin (LTC), Dogecoin (DOGE), and others.
Crypto Community Reacts
The majority of the cryptocurrency community does not agree with his views. In fact, Cramer has been criticized and mocked for his comments. Some people even claimed that Jim Cramer’s prediction of a dismal year was actually optimistic for the market.
With that being said, cryptocurrency predictions should be taken with a grain of salt, as they are often based on speculation and are subject to a high degree of uncertainty.