Months After Shilling $3,000 ETH, Cramer Says Crypto Has “No Real Value”

2022-07-06 | Selina Mathew

The host of Mad Money has previously promoted cryptocurrencies, but now he says that Bitcoin and Ethereum are worthless. In a segment for CNBC, Jim Cramer said that cryptos have “no real value” because they are not backed by the government.

He added that BTC and ETH are “fraudulent” and “worthless.” The host spoke to Bitcoin Cash proponent Roger Ver who was heavily criticized after claiming that Ethereum (ETH) was worth $3,000. Since this episode aired, Cramer has spoken on the topic several times since then saying he believes in digital currency.

Most of his statements regarding cryptos have been negative however while telling his viewers to stay away from Bitcoin (BTC) and Ether (ETH), Cramer still claimed that he is not against the use of blockchain technology as an investment vehicle or tool for businesses

In a segment for CNBC, the host of Mad Money said that cryptocurrencies have “no real value” because they are not backed by the government.

He added that Bitcoin and Ethereum are “fraudulent” and “worthless.” Jim Cramer is a financial analyst and host of Mad Money, a show on CNBC that presents the world through the lens of finance.

He has been critical of Bitcoin in the past, but his latest segment was particularly harsh. In it, he said that cryptocurrencies were worthless because they were not backed by anything (no government), fraudulent (they are not legitimate currencies), and potentially illegal.

The host spoke to Bitcoin Cash proponent Roger Ver in May 2018, where he was heavily criticized after claiming that Ethereum (ETH) was worth $3,000.

Since this episode aired, Cramer has spoken on the topic several times since then saying he believes in digital currency. Most of his statements regarding cryptos have been negative, however.

Cramer has been a harsh critic of cryptocurrencies for the better part of a year now. In January 2018 he said that cryptocurrencies were dead and had lost their “real value” in an interview with Bloomberg.

In March, Cramer spoke out against Ethereum (ETH) calling it “the most dangerous thing I’ve ever seen.” At this point in his career as a financial analyst, it’s surprising to see Cramer still providing commentary on anything crypto-related when he has been so openly negative about crypto since day one.

While telling his viewers to stay away from Bitcoin (BTC) and Ether (ETH), the host still claimed that he is not against the use of blockchain technology.

Cramer also urged people to invest in stocks related to cryptos instead of buying coins directly. He recommends companies like Visa and Mastercard over Bitcoin as investments for beginners due to their “great infrastructure.”

ETH/USD 1 DAY PRICE CHART - COINMARKETCAP.COM

Jim Cramer does not believe in Bitcoin or Ethereum

In an interview with Yahoo Finance, the “Mad Money” host said that he believes both cryptocurrencies are worthless and fraudulent, adding that they have no real value.

He also believes that neither of these cryptocurrencies are backed by the U.S. government or any other authority like gold is.

Takeaway

Cramer is not alone in his criticism of cryptos. Many people have been skeptical about Bitcoin and other coins because of their volatility, which means that they can be impacted by bad news or good news without much warning.

In addition, some people believe that digital currency will never replace fiat money completely due to its inability to prevent inflation or deflation at the whim of central banks like governments do with paper money today.

However, Cramer does not feel this way so he recommends investing in stocks related to blockchain technology instead of buying directly into cryptocurrencies themselves.

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