Jim Cramer goes bearish on Crypto. Is it bullish?

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CNBC Jim Cramer calls today’s market crash “Crypto Monday.”

“I don’t mean to make a joke out of it,” Cramer said on CNBC’s “Squawk on the Street” podcast. “A lot of young people and people who have borrowed money, they will leave today if they are not careful.”

Cramer called the correction shocking. His comments represent a change from last year when he had a more positive view of crypto.

While Cramer says he didn’t mean to make a joke about the meltdown, Crypto Twitter had no problem making a joke about Cramer’s takes. Cramer’s mixed record in financial analysis has recently prompted the emergence of the “Inverse Cramer ETFa fictional exchange-traded fund that recommends the opposite of everything Cramer says.

Solana co-founder Anatoly Yakovenko predicted yesterday that Cramer’s view would turn bearish. “A major fund is also due to close and Cramer will deliver bearish crypto prose,” he tweeted.

Almost at the right time, the ‘Mad Money’ host and popular meme target was quick to say that he had a pessimistic view of crypto from many Silicon Valley residents, saying some referred to digital assets as “cunt”.

Cramer told podcast hosts Carl Quintanilla and David Faber that he told SEC Chairman Gary Gensler he was getting 8% with his Ethereum; Gensler told him it was too good to be true.

During the “Squawk” podcast, Cramer pointed out that the marketing push for crypto has got people speculating on digital assets, referring to the Crypto.com ad with Matt Damon saying, “Fortune smiles on the brave.”

“Here’s what happens in these situations,” Cramer said. “People who have invested heavily in crypto will come and take a stand – that’s Braveheart,” Cramer said, referring to Mel Gibson’s 1995 film depicting William Wallace’s fight against English rule in Scotland.

Cramer, who admitted owning Bitcoin and Ethereum, took his message to Twitter, “Crypto – need big crypto enthusiasts to buy & stabilize,” Cramer tweeted.

Not everyone agreed with the former hedge fund manager. “A word @jimcramer?” investment research firm, Hedgeye tweeted with a meme of two men looking over a cliff. The meme read “I bet he still won’t admit he made a mistake”.

“No, they need the Fed to stop withdrawing cash,” replied Christophe Vecchio, senior strategist for DailyFX. “Nothing changes until the macro winds change direction.”

“As someone who lives in SF and knows many tech executives and ‘mainstream’ VCs, I don’t know anyone who says crypto is a scammer,” Xend Finance tweeted. Kevin Leu. “Maybe he’s referring to altcoins, because that’s not accurate.”

Co-creator of Dogecoin Billy Marcus was more direct in his criticism of Cramer’s takes. “Jim you gotta shut up sometimes,” Markus replied to a tweet from Cramer.

Despite Crypto Twitter’s pullback, it looks like the market is headed for a “crypto winter” as the combined market capitalization of all cryptocurrencies fell to $969 billion today, according to CoinMarketCap.

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