Jim Cramer previously told viewers to buy ethereum at $2,900. It's trading at $1,600 today.
You can tell Cramer really thought he’d made a profound point about journalism ethics when he said this. You can see it in Cramer’s face—the look a basset hound might make when he thinks you’re hiding his favorite toy.
The look Jim Cramer gave to camera on Tuesday just after delivering a line he clearly thought was profound.“I think it’s time we started questioning the fundamentals of crypto and I don’t like when [we] questioned the dot com movement in 2000-2001. When all things crypto took off with great fanfare like the dot com bombs, we were told that they were stores of value, that they meant something, that they would be around for a long time,” Cramer said.
“I believed that wrap, 300 of them went out of business,” Cramer continued. “I’m at least big enough to admit that this time I was wrong about crypto. I wish the real promoters would do the same.”Then Cramer’s segment really went off the rails and failed to provide even the smallest amount of self-reflection.
“Just because you make money in it, which I was fortunate enough to do, doesn’t necessarily mean that it’s for real,” Cramer said, in what may be the most awkward line-reading of his entire monologue.“And then there was this period where every athlete and celebrity were showing up in these crypto ads. A brooding Joel Embiid, ahilarious time-traveling Matt Damon, a young-as-ever Tom Brady.
The problem, of course, is that Jim Cramer was incredibly bullish on crypto at the exact same time these ads by other famous people were running. Cramer was even telling people to buy ether at $2,900, a price that still looks unbelievably high here at the end of August.“I think ethereum is terrific. I’m a believer. And I think you could easily get 35-40 percent,” Cramer said on his show onEthereum proceeded to plunge hard after Cramer’s prediction, dipping to just $965 after his recommendation.
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