Note that Cramer’s reputation within the blockchain community is indeed not the best. Still, Jim has been wrong about predictions many times before, but has continued to pass himself off as an expert – hence people’s dislike.

For example, back in the spring he predicted ETH to grow by 35-40 percent in the near future. However, ETH ended up losing quite a few percent of its own price at the time.

Etherium and other cryptocurrencies[/caption

Jim is aware of his reputation, but still won’t admit to being wrong. And this case is no exception.

How money is lost on cryptocurrencies

In his tweet, Jim stated that he has been successfully investing in various assets for 42 years and those who have gone against his bets have only lost their money. He made a similar statement regarding the crypto market as well. Here is a relevant quote from the celebrity.

Regarding crypto, same thing: I bought a farm with my bitcoin income, it’s a well-known fact, I also bought a boatload with my Etherium income. Everything is public. I want you to bet against me.

That is, the presenter has made it clear that many years of trading have brought him a certain amount of income, so he is confident in his abilities and advises critics to continue using backtrading tactics from his recommendations. Apparently, Kramer believes that he will be the winner in the end - although as of today it is hard to believe that.

Meanwhile, Tuttle Capital Management has applied to launch two exchange-traded funds, the Inverse Cramer ETF (SJIM) and the Long Cramer ETF (LJIM). They open positions against and according to Cramer’s forecasts, respectively, while the forecasts themselves are taken from the broadcaster’s social media.

A Twitter account called Inverse Cramer ETF is devoted to an opposing strategy to Cramer’s forecasts. It frequently publishes quotes from the host, as well as many interesting memes that have already become something of a legend within the blockchain community.

Jim Cramer’s classic prediction

According to Decrypt’s sources, one social media user rightly noted the paradox – what would happen if Cramer were to recommend following guidance from the Inverse Cramer ETF?

In any case, the absurdity of the situation shows that the cryptocurrency community is slowly coming to understand the untenable predictions of many selebrities in the financial world. That’s right – any prediction cannot be taken as “blind faith”, every investment you make can only take place after in-depth market research. And while this does not insure against mistakes, then at least investors won’t have to blame analysts and others in the blockchain industry.

😈 MORE INTERESTING STUFF CAN BE FOUND ON US AT YANDEX.ZEN!

Cryptocurrency miner during a bearish trend

And in Norway, a sharper statement against the cryptocurrency sector was voiced by the country’s Finance Minister Tryggvi Schlagsvold Wedum. He demanded that the government abandon a government program that provides miners with preferential electricity rates. Recall that in 2016, the Norwegian government approved a preferential programme for data centres and miners, which resulted in them receiving lower electricity rates compared to the fees for most users.

Wedum believes that the macroeconomic situation has changed over the past six years, which means the government’s programme now needs to be reviewed. Here is the relevant quote from the government spokesman.

We are in a completely different situation in the electricity market now than we were in 2016, when the feed-in tariff for data centres was introduced. In many places, electricity supply is under pressure, causing prices to rise.

In other words, the expert makes it clear that the current situation with electricity costs is simply not suitable for providing discounts to the cryptocurrency mining industry.

Norwegian Finance Minister Tryggvi Schlagsvold Wedum

According to the minister, abandoning the program could bring in at least $14 million to Norway’s budget. The situation is also complicated by unprecedented pressure on Europe in the energy sector due to changes in energy supplies. It is true that the country’s government has not yet come to a consensus on the abolition of feed-in tariffs for miners.

Although it can be assumed that such benefits will be cancelled. Firstly, the cryptocurrency industry is currently in a collapse phase, which is a traditional time to voice negativity towards digital assets.

Secondly, in September, Etherium switched to the Proof-of-Stake consensus algorithm, meaning that it eliminated the need to use large computing power to run the blockchain. Therefore, there is now more reason for such authorities to degrade the reputation of the same BTC and demand that the developers move the Bitcoin network to a more efficient algorithm.

On top of that, Bitcoin’s mining complexity increased by 13.55 per cent today, the largest increase since May 2021.

Bitcoin mining complexity change today


We believe that Jim Cramer will no longer be able to restore his own reputation among cryptocurrency fans. He already has enough erroneous predictions to his credit, plus someone was able to double his own cryptocurrency portfolio on trades the opposite of what Cramer recommended. Obviously, calling out the blockchain community for a competition he's trivialised no longer has any right to do so.


Look for more interesting stuff in our Millionaire Crypto Chat. There we will discuss other important developments from the world of blockchain and decentralisation.