The crypto enthusiasts are looking for a sign of hope that the digital currency market would take a positive turn given the last 12 months of the downward trends bear market. And that sign may have been delivered last week in an unexpected package when Jim Cramer started making financial recommendations for people to completely exit their crypto positions.
If you have not heard of Jim Cramer? He is a popular financial commentator and host of CNBC’s “Mad Money,” but his investing advice has been the subject of critique and controversy. Many people view Cramer as an entertainer rather than a serious financial analyst, and there are several examples of his questionable advice that have proven to be dreadful over his tenure as investment advisor to the masses on the controversial investment platform.
One example of Cramer’s mediocre investing advice is his recommendation to buy Bear Stearns in 2007, just months before the investment bank collapsed and had to be bailed out by the Federal Reserve. Instead of apologizing for the misleading advice, Cramer defended his recommendation at the time, saying that Bear Stearns was “fine” and that any concerns about the company were “a total joke.” However, those of which trusted and followed Cramer’s advice and bought Bear Stearns stock lost a significant amount of money when the company went under.
Another example of Cramer’s dubious advice is his bullish stance on troubled retailer Sears. In 2017, Cramer said that Sears was “not done yet” and that the company had a “great brand.” However, Sears filed for bankruptcy just a year later, and many investors who trusted Cramer’s guidance lost money.
Cramer has also faced condemnation for his frequent changes in opinion on various stocks. For example, he has alternated on his views of the tech giant Apple, sometimes applauding the company and its stock and other times expressing scepticism. This inconsistency can make it challenging for viewers to know whether to trust Cramer’s advice.
Recently Cramer has handed out strong criticism directed towards the cryptocurrency market. Signalling to his fans that they should liquidate any and all of their holdings. This has sent a spark of optimism throughout the industry give Cramer’s horrific track record for investment advice. Many crypto enthusiasts see this as a signal of hope for the crypto market, as betting against Cramer’s recommendation will bring the investor more chance of gains, than investing in them.
Now it is not safe to say that the crypto market has bottomed given the overall macro-economic environment world is facing at present. But this article aims to educate readers of the perils that can be faced when accepting the mainstream financial media investment advice. Even though we are in a bear market for digital currencies there are still a lot of projects that are making money and further developing their technologies.
It is important to remember that while Jim Cramer may be entertaining to watch on television, it’s important to be wary of his investing advice and to do your own research before making any financial decisions. The list of examples of Cramer’s terrible advice that have caused investors to lose money continues to grow, and it’s always a good idea to be cautious when it comes to his advice.
If you are having concerns about the safety of crypto exchanges? You should read the following article on safest ways to store your cryptocurrency.