Jim Cramer Says Amid Bear Market: Crypto Has 'No Real Value'

CNBC host Jim Cramer said Tuesday he believed cryptocurrency held “no real value,” apparently retracting a statement he made little more than two months earlier that he was a “true believer” in Ethereum.

“I’m not going to deny every asset class is getting hurt,” Cramer acknowledged in a morning Squawk Box segment with fellow host Joe Kernen. However, he added, “The one I’m most interested in is crypto. A lot of people are in crypto. Crypto really does seem to be imploding. It goes from $3 trillion to $1 trillion. Why should it stop at $1 trillion? There’s no real value there.”

The comments came a little more than two months after Cramer’s April 28 declaration that he was a “believer” in the “terrific” Ethereum. At the tine, the token’s price stood just under $3,000. As of Tuesday, it was slightly higher than $1,100. Cramer told viewers a year earlier — in May 2021 — that he “put some money down” on an Electric Hummer from selling some of his Ethereum.

Cramer has a checkered history of making inaccurate market predictions that go awry. He said in a June 2021 segment of his evening Mad Money program that he “sold almost all” of his bitcoin holdings because of the Chinese government’s adversarial stance toward cryptocurrency. Bitcoin’s price surged to an all-time high above $69,000 five months later.

Turning his attention to non-fungible tokens (NFTs), Cramer said on Tuesday, “NFTs — I mean, you look at these companies, and there [are] these companies you’ve never heard of and they blew up over the weekend. And you say to yourself, ‘Holy cow, there’s $600 million just going down the drain.’

“What an awful asset,” he added. “NFTs. Sold to you. Made up.”

You can watch the full video of Cramer’s comments above via YouTube.