Pro-XRP Lawyer Deaton Humorously Thanks Jim Cramer for predicting Bitcoin’s Fall.
Pro-XRP attorney and founder of the Deaton Law Firm, John Deaton, has humorously appreciated CNBC Mad Money host Jim Cramer for making a calling about Bitcoin (BTC) going down.
@jimcramer calling the bottom. For the record, I posted the same day that I bought one #BTC on principle alone, after watching this. Thank you Jimmy Chill. https://t.co/JBRMwsxcjA
— John E Deaton (@JohnEDeaton1) October 24, 2023
The price of Bitcoin has grown by about 30% since Cramer, renowned for his criticism of crypto, noted that BTC’s price is about to slump big. This bearish call marks another period in recent times when Bitcoin is moving inversely to projections from Jim Cramer.
Jim Cramer is often seen as someone whose predictions should be cautiously taken, as the crypto community always mocks Cramer and recommends doing the reverse of what he says. In the early part of the previous year, he believed the market correction had concluded and recommended increasing investments in Bitcoin. Yet, the market continued to show a downward trend, and events like the FTX meltdown marked the latter half of 2022.
John Deaton Acted on Cramer’s Signal
In a recent post on X, Deaton referenced a trending video from Cramer in which the CNBC host boldly proclaimed Bitcoin’s doom. Deaton said he realized that was Cramer calling the BTC fall, and he took advantage by buying one Bitcoin rather selling as a matter of principle.
Notably, Deaton is not the only crypto proponent considering Cramer’s negative crypto calls as a buy signal. As the crypto winter raged in July 2022, Cramer declared, “Crypto has no value.” Rather than heed the call, the market labeled it a bullish prediction.
Despite being an early crypto believer, Jim Cramer now ranks as one of the most vocal critics of Bitcoin. He not only believes that Bitcoin’s $100,000 price aspiration is an unrealistic dream but is optimistic its crash to $0 is imminent.
Cramer has opinions on several crypto-related subjects, most of which drive controversy in the ecosystem. Known to always hit on the XRP community, his criticism recently extended to “Cardanzo” as he tried to berate the Cardano protocol.
John Deaton and Jim Cramer typically form a spectacle on Crypto X as the former defends crypto innovations while the latter speaks ill of them.
Bitcoin Critics Proven Wrong
Besides Cramer, Bitcoin has proven many of its critics wrong many times. The cryptocurrency’s price now sits at $34,410.16, up 11% on sustained buyer interest.
With a corresponding jump in market capitalization to $671,820,686,306 and a 177% jump in trading volume to $52,865,230,325, Bitcoin now maintains higher profitability than most mainstream investment assets.
Bitcoin’s performance this year has strengthened MicroStrategy’s investment portfolio, a deviation from claims from Peter Schiff that its BTC bet will take the firm out of business.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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