John Deaton, founder of CryptoLaw and lawyer for XRP holders, mocked CNBC Mad Money host Jim Cramer in response to a headline quoting Cramer saying “Bitcoin is going to die” .” And die out sooner.
According to the article, Cramer commented that Bitcoin has no real use case and that the leading cryptocurrency will drain faster than the river.
now is the first time i think of #bitcoin It can reach 100K by the end of the year. https://t.co/vEB3I8ADXR
— John E. Deaton (@JohnEDeaton1) May 3, 2023
Cramer’s proposal is often looked down upon by the crypto industry, because usually the opposite is true.
Based on this, Deaton commented:
“This is the first time I think BTC could reach $100,000 by the end of the year.”
It should be noted that Deaton often pointed out Cramer’s miscalculation.
Responding to Cramer’s failure forecast for First Republic Bank, Deaton tweeted:
“Serious question: Did Jim Cramer ever admit to these huge misforecasts? After the Bear Stearns call, you’d think he’d stop.”
This is not the first time Cramer has predicted the demise of Bitcoin, and he has often said that he has a negative view of cryptocurrencies. In March, Cramer called bitcoin a “weird animal” and said it was being “rigged,” adding that he would have sold it at the time. Despite Cramer’s sell recommendation, Bitcoin broke through the $30,000 mark in mid-April.
In early 2023, Jim Cramer advised investors to stay away from cryptocurrencies, saying the charts showed they shouldn’t listen to “crypto cheerleaders.”
Currently, Bitcoin has returned around 60% year-to-date. At the time of writing, the leading cryptocurrency is up nearly 2% over the past 24 hours to $28,305.
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According to USA Today