Notorious CNBC host Jim Cramer has again made controversial predictions for Bitcoin and the crypto market in the latest episode of the show “Mad Money”. Cramer has made a name for himself in the crypto scene in recent years, but possibly to the extent that he wanted to.
Cramer’s mixed track record in crypto analytics led to the creation of the “Inverse Cramer ETF,” a fictional exchange-traded fund that advocates the opposite of everything Cramer says.
Good News for Cryptocurrency! pic.twitter.com/uKJznTn1Pr
— Inverse Cramer ETF (not Jim Cramer) (@CramerTracker) December 6, 2022
Consequently, the crypto scene places little value on the host’s predictions. Still, Cramer is not always wrong. In June, for example, he predicted that cryptocurrencies would fall further. He based this on the actions of the Federal Reserve.
Cardano, XRP and Dogecoin Going to Zero?
In the latest episode, the Mad Money host said that investors still have time to sell their crypto holdings. According to Cramer, markets will continue to crash in 2023, so crypto investors should sell “before it’s too late.”
“You can’t just beat yourself up and say, ‘Hey, it’s too late to sell.’ The truth is, it’s never too late to sell a terrible position, and that’s what you get when you own these so-called digital assets,” said Cramer.
Specifically, Cramer predicted that Cardano (ADA), XRP, Polygon (MATIC), and Dogecoin (DOGE) could crash to zero. According to him, these cryptocurrencies are still highly overvalued, so those who own them should sell them.
BREAKING: Goldman Sachs spokesman Jim Cramer urges investors to exit crypto, saying it’s never too late to sell. Jim is evil and dishonest. This is good news for Bitcoin. pic.twitter.com/YdSWi54OHV
— Gill Bates (@GillBatesVax) December 6, 2022
However, his reckoning with crypto didn’t stop there. The moderator made serious accusations against Tether (USDT).
According to Cramer, the largest stablecoin in the crypto market could suffer a similar fate to Luna’s TerraUST, which fell to zero in three days in May this year.
Tether, a so-called stablecoin that should be more or less pegged to the dollar, still has a market cap of $65 billion.
There is still a whole industry of crypto boosters desperately trying to keep all this stuff going. Not much different from what happened to bad stocks during the internet site collapse.
Remarkably, the low of Cramer’s Bitcoin bear market of $12,000, which he predicted in previous broadcasts, is still a long way off.
Peter Schiff shares $5,000 Bitcoin Prediction
However, Cramer is not the only Bitcoin critic spreading doom and gloom. Golden bug Peter Schiff has shared an assessment from Standard Chartered that Bitcoin is still overvalued at its current price about $17,000.
According to the long-winded Bitcoin critic and multinational bank, BTC is at risk of another 70% crash by 2023. Standard Chartered claims Bitcoin could fall to $5,000 next year.
In a note titled “The financial-market surprises of 2023,” Standard Chartered states that a negative surprise could be Bitcoin falling to US$5,000 next year.
Rising yields along with a slump in technology stocks will lead to an acceleration of Bitcoin’s sell-off and drive more bankruptcies in the crypto world, according to the bank.
Goldman Sachs is buying up the FTX mess
Despite all the dystopian predictionshowever, there is also extremely bullish news today. Like Reuters reportsGoldman Sachs is on the hunt for low-cost crypto companies after the FTX collapse and plans to spend tens of millions of dollars to buy or invest in crypto companies.
Regardless of how the Bitcoin scene views this on ideological grounds, this should be a strong catalyst for maturity and progression for the institutional sector.
At the time of writing, Bitcoin was trading at $16,967 and has lost to be volatility again.