After Jim Cramer’s sell advice in December 2022, Bitcoin nearly doubled from below $18,000 to over $34,000, according to data from credible sources. Cramer’s previous endorsements of cryptocurrency investments have not always been accurate. In early 2022, he wrongly encouraged investors to enter the crypto market, leading to a significant market downturn.
Cramer’s track record extends beyond cryptocurrency. In February of this year, he advised people to buy shares of Silicon Valley Bank, claiming they were “still cheap.” However, just a month later, the bank collapsed, causing panic among depositors and contributing to one of the most significant bank crises in America in recent years.
It is worth noting that Cramer’s predictions have not always been accurate, as evidenced by the market correction that continued after his endorsement of cryptocurrencies at the start of last year. Despite his past missteps, many investors still pay attention to his insights and take them into consideration when making financial decisions.
John E Deaton, an American lawyer representing thousands of Ripple investors in a lawsuit against the US Securities and Exchange Commission (SEC), humorously pointed out that Bitcoin‘s price began to rise after Cramer advised people to sell their digital assets, calling them “awful.” Deaton’s tweet highlights the irony of Cramer’s prediction, implying that he may have actually “called the bottom” for Bitcoin.
In conclusion, Jim Cramer’s track record with predictions and endorsements in the cryptocurrency and financial industries has been mixed. While some of his advice has proven to be accurate, such as his sell advice in December 2022, he has also made incorrect predictions that have had significant consequences, like the collapse of Silicon Valley Bank. Investors should approach his advice with caution and conduct thorough research before making any financial decisions.
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