“Don’t believe in a photoshopped image, guys,” Zhao said regarding Cramer’s assumed backing of Binance.
Changpeng Zhao – CEO of Binance – dismissed the speculation that the popular TV personality Jim Cramer declared his approval of the largest cryptocurrency exchange.
Some crypto proponents joked that this is actually good news for the trading venue, considering Cramer’s controversial statements and predictions in the past. The host of CNBC’s “Mad Money” has given his prognosis to investors multiple times, but often that has turned wrong.
Binance is ‘Saved’
The cryptocurrency community was baffled yesterday (September 5) when several X (Twitter) users hinted that Jim Cramer is bullish on Binance and is “loading up” on BNB tokens. Some individuals jokingly forecasted a grim future for the exchange since the TV personality is famous for his controversial predictions.
One example is his advice to people to purchase stocks of Silicon Valley Bank in February this year. The financial institution collapsed a month later, intensifying the overall banking crisis in America.
X user going by the name “Crypto Busy” clarified that Cramer’s statement on Binance and its native token is fake. He explained that the screenshot of “Mad Money’s” host is from September 2022, where he talks about Treasuries. CNBC has also not uploaded such a video where Cramer praises the crypto exchange and its boss – Changpeng Zhao (also known as CZ).
The latter retweeted Crypto Busy’s revelation, urging his followers not to trust a “photoshopped image.” Expectedly, he concluded his post with the number “4” – a signature he uses to urge individuals to ignore media propaganda and misleading information.
phew… saved. 😂 Don’t believe in a photoshopped image, guys. 4 https://t.co/3jX2LvMQOV
— CZ 🔶 Binance (@cz_binance) September 5, 2023
When Was Cramer Wrong?
There are plenty of examples when the former fund manager (who has changed his stance on crypto numerous times in the past few years) has counseled investors to sell bitcoin or other digital currencies. However, in many cases, his advice has not been precisely spot on.
In December last year, he argued that individuals should cash out their crypto holdings, adding that it’s never too late to exit the ecosystem:
“You can’t just beat yourself up and say, ‘hey, it’s too late to sell.’ The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.”
The price of bitcoin was hovering around $17,000 at the time, whereas currently, it is around $25,700 (a 50% increase).
He doubled down in March, suggesting investors use the price rally as a selling opportunity. Nonetheless, bitcoin kept its uptrend, causing Elon Musk to mock Cramer’s market advice.