Crypto Community Finds “Most Bullish Sign” In CNBC’s Jim Cramer Comment ‘Crypto Has No Value’

CNBC host Jim Cramer expects more pain in the crypto markets.

Mad Money TV host Jim Cramer on CNBC Squawk Box on Tuesday has taken a swipe at crypto, saying there is no real value in the markets; Cramer expects the current downturn to continue.

“Crypto does seem to be imploding. When it goes from $3 trillion to $1 trillion, why should it stop at $1 trillion? There’s no real value there,” said Cramer adding, “How many companies can Sam Bankman-Fried save?”

"Crypto really does seem to be imploding. Went from $3 trillion to $1 trillion. Why should it stop at $1 trillion? There's no real value there," says @jimcramer on #crypto. "What an awful asset. NFTs sold to you. Made up." pic.twitter.com/09e5ST8q0N

— Squawk Box (@SquawkCNBC) July 5, 2022

Cramer’s comments come from a problematic eight months for crypto markets that have seen Bitcoin drop over 70% from its highs, with almost $2 trillion wiped off the total market cap. 

As the market struggles, so have various crypto companies, including exchanges, miners, and DeFi lenders. Several DeFi lending platforms have revealed insolvency concerns in just over a month, with several others believed to be secretly insolvent. FTX’s Sam Bankman-Fried, as reported on numerous occasions, played a significant role in trying to bail out a number of these firms.

Notably, the TV personality and former hedge fund manager also took a swipe at NFTs, calling them “awful assets.” NFTs have also taken a hit, with floor prices dropping with the value of coins like Ethereum and Solana.

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Meanwhile, it is worth noting that the crypto community has strongly criticized Cramer’s negative commentary.

Aside from being very inconsistent in his support or criticism of the asset class, Cramer has built a reputation for making significantly wrong calls in both the crypto and stock markets. Notably, in April, the Mad Money host had predicted a 40% upward move for Ethereum, calling himself a “believer” and the asset “terrific.” Instead, however, Ethereum has since declined by over 60%.

Moreover, in June last year, the analyst confessed to selling all his Bitcoin over fears of the Chinese crypto ban tanking the market. Bitcoin made a run-up to $69k months later.

Deaton, granted amici status to represent XRP investors in Ripple V SEC case, said it is a good sign when CNBC makes negative comments about crypto.

“I’m sorry, Jim Cramer, but I have to agree that your comment is the most bullish sign Crypto has had in weeks.”

I’m sorry @jimcramer but I have to agree that your comment is the most bullish sign Crypto has had in weeks. https://t.co/iKT8his8wr

— John E Deaton (204.4K Followers Beware Imposters) (@JohnEDeaton1) July 5, 2022

Twitter user ‘Inverse Cramer ETF’ (@CramerTracker), who Tracks the stock and crypto recommendations of Jim Cramer so you can do the opposite, said:

“Jim when ETH was $3,000: “I LOVE IT, IT IS FANTASTIC”

Jim when ETH is $1,000: “THERE IS NO VALUE IN IT””

Jim when ETH was $3,000: “I LOVE IT, IT IS FANTASTIC”

Jim when ETH is $1,000: “THERE IS NO VALUE IN IT”

— Inverse Cramer ETF (Not Jim Cramer) (@CramerTracker) July 5, 2022

@LilMoonLambo said: “Jim Cramer, finally being bearish on crypto makes me feel like we’re about to start the biggest parabolic pump ever.”

@HBAcrypto said: “Jim Cramer says “crypto is imploding there’s no real value there” The bottom has been called *Pamp It*.”

Wall Street Silver says: “Crypto bottom is in.”

Notably, the crypto markets continue to move in a tight range. Bitcoin is hovering just above the $20k price point while Ethereum is just above the $1.1k price point, a 0.72% and 1.13% change in the last 24 hours, respectively. It is worth noting that mainstream media tagging the crypto markets dead have been good indicators of the bottom in the past.