In today’s bitcoin and cryptocurrency news, learn about Jim Cramer Mistimed. With his crypto recommendations on “Mad Money,” Jim Cramer may have rendered many people destitute. Because of how often he gets calls wrong, he’s become an internet joke. Meanwhile, to implement this new capability on its online technology marketplace, Telefónica collaborated with Spain’s largest bitcoin exchange, Bit2me. Lastly, according to Sidney Powell, Maple’s co-founder, Maple is “offering you the tooling to run a lending business online,” much like e-commerce behemoth Shopify.
How Often Has Jim Cramer Mistimed Crypto Markets
Original Source: How Many Times Has Mad Money’s Jim Cramer Failed to Time Crypto Markets?
“Mad Money” host Jim Cramer made many people poor with crypto advice.
He’s become a meme for his bad calls.
Investors now trade against Cramer, doing the opposite of his advice.
How often has Jim Cramer missed crypto market turns?
Some say “not all investors have the same style.” Contrarian Jim Cramer made many people poor with his strategy. He’s become a meme for consistently making wrong calls on cryptocurrency markets.
Hard to say if the stock market pundit believed his bitcoin calls over the years. Still, many who listened to him lost money with their investments.
In July, Cramer warned of an SEC probe of crypto exchange Coinbase. He said the firm had “very bad news.” A week later, Coinbase stock jumped 50%.
People got mad. Not the first time. Not the last. “Never listen to Jim Cramer!” Crypto podcaster Tony Edward shouted on Twitter.
Dumping Coinbase
Cramer pushed Coinbase before. When Coinbase (COIN) debuted on Nasdaq in April, closing at $328, he said a fair price target was $600.
“There’s no way for mutual funds to invest in crypto,” Cramer said on “Squawk on the Street.” he advised buying the stock
Since then, it’s declined. Coinbase closed Friday at $64 and is down 80% since listing.
Who is Cramer?
Former hedge fund manager, stock market investor, author, and entrepreneur Jim Cramer is American. The 67-year-old hosts CNBC’s “Mad Money,” which offers stock traders investment advice.
Cramer is a contrarian investor. Often, he buys when others are selling. Many investors sell in a panic, overreacting. The contrarian investor can buy stocks or crypto cheaply.
It worked for Cramer. He made $1 million when he bought Phillip Morris International as the share lost $10 billion in one day after a court decision.
Alan Deutschman, a journalism professor and Fortune Silicon Valley correspondent, calls Cramer’s investing “chameleon-like and erratic.” Because no strategy could be identified.
Cramer is interested in crypto. In 2020, he bought a lot of bitcoin for $12,000. He sold 50% of the cache when the price hit $64,000 the next year and paid off a mortgage.
“As usual, I’ll buy as something drops. I’ll get bigger and bigger,” Cramer said after buying more bitcoin as it fell to $17,000 in Dec. 2020. He was contrary.
With an estimated $100 million net worth, the TV host has sent mixed crypto signals. But he recommended that investors put at least 5% of their portfolios in digital assets, preferably BTC and Ethereum, which he considers “legitimate.”
Silicon Valley tech executives have started to consider the crypto industry a fraud, which benefits its promoters over retail investors, Cramer said. He advised selling speculative assets like BTC due to the Fed’s tightening monetary policy.
Missed Cramer predictions
CNBC says Jim Cramer “plays with an open hand and wants to help investors build wealth” His crypto market forecasts have been dumb. People lost money using his advice.
In June 2021, a finance expert urged bitcoin investors to be “patient” as markets fell. Cramer couldn’t take the decline after 10 days. He said BTC “isn’t rising due to structure.”
I sold all my bitcoin. He told CNBC’s “Squawk Box”: “No need.” Bitcoin hit $69,000 in November of the same year. Cramer boasted in March that he had made lots of money from bitcoin as gold and stocks fell. Then, he was bullish.
Recently, Cramer called BTC’s bottom, meaning the asset had reached a price where it couldn’t fall further in a market cycle. He now says crypto has no “real value” and won’t reach $1 trillion in value.
“Crypto is imploding. 3 trillion to 1 trillion How come $1 trillion? “It’s worthless,” he said.
Following Cramer’s July comments, markets rose. July was bitcoin’s best month of 2018. The month ended with Bitcoin up 17% and Ethereum up 55%.
As bitcoin fell to $17,500 in June, he warned that “a lot of younger people and people who borrowed money will be gone today if they aren’t careful.” Cramer didn’t mean to sound funny.
Madman in suit thrills crypto
But the veteran investor has lost crypto goodwill. He is called the Crypto Twitter Madman. These predictions have made Cramer the ultimate villain, fodder for memes.
His negative comments boost crypto prices. Algod, who predicted the collapse of the Terra ecosystem and bet $1 million on it, said he’s actively trading against Cramer.
Algod “officially doubled” a $50,000 trading account to trade against the market pundit. “Mind-blowing how wrong one man can be,” tweeted a “semi-retired degen.”
Cramer’s “erratic” financial advice has led to the “Inverse Cramer ETF,” a fictional ETF that tracks “his stock recommendations so you can do the opposite.” It has 107,000 Twitter followers.
If a company is the next Amazon, so what? Accountant and financial news analyst Genevieve Roch-Decter tweeted after Cramer’s Coinbase miss in July.
After Cramer called bitcoin’s June collapse “Crypto Monday” and predicted the end of the crypto industry, Dogecoin (DOGE) co-creator Billy Markus responded.
“Jim, you gotta shut up sometimes,” Markus told Cramer.
TELEFÓNICA, Spain’s Largest Telecom Company, Accepts Bitcoin and Crypto Payments
Original Source: SPAIN’S LARGEST TELECOM COMPANY TELEFÓNICA NOW ACCEPTS BITCOIN, CRYPTO PAYMENTS
Telefónica, Spain’s largest telecom, accepts bitcoin and cryptocurrencies.
Telefónica’s online tech marketplace Tu.com added bitcoin and cryptocurrency payment in partnership with Bit2Me. Customers can use the “revolutionary payment method” by clicking Bit2Me Commerce at checkout.
Telefónica invested in Bit2Me, too. The investment’s details will be released soon.
Users can use the new feature by adding a product to their cart and selecting Bit2Me Commerce before paying, but there is a $200 minimum and $500 maximum.
Bit2Me converts the chosen form of payment into euros in realtime, removing technological barriers for merchants like Telefónica.
RCD Espanyol became the first La Liga team to accept bitcoin this summer.
Vueling will accept bitcoin in 2023. Vueling partnered with BitPay to accept cryptocurrency payments.
Maple Finance Wants to Be Crypto Lending’s Shopify
Original Source: Maple Finance Aims to Be the Shopify of Crypto Lending
Last week, credit-as-a-service platform Maple Finance announced a $300 million lending facility for Bitcoin miners.
All crypto miners struggling to make a profit in the current bear market now have a loan. For this service, miners must pay up to 20% more to borrow money to operate.
Co-founder and CEO Sidney Powell told Decrypt at Messari Mainnet 2022 that miners can stomach this rate because funding options are limited and traditional banks rarely do business with crypto-native firms.
Maple’s niche is the “middle market,” according to Powell. He defined it as a company that’s too small to raise venture capital. They’re secret. “They aren’t multibillion dollar companies yet, but they could operate in crypto,” he said. “But because they’re in crypto, banks won’t lend to them.”
But what’s interesting about Maple Finance is how it helps miners get liquidity.
Maple acts and looks like a bank, but it’s not one. Instead, Maple is a lending-specific web service that pools money and finds borrowers. Not a bank, but a tech platform.
Icebreaker Finance funded the $300 million pool for miners.
In this scenario, Icebreaker is a pool delegate and must 1) fund the pool and 2) vet any potential borrowers (much like what a bank does). It’s the pool delegate’s job to assess these borrowers’ risk, not Maple’s.
“I often use the analogy of Shopify, which gave e-commerce companies tools to run their businesses online,” he said. “We’ll help you run a lending business online.” This lender is the delegate. They play that role.
Sam Bankman-Alameda Fried’s Research uses Maple Finance to borrow cheap capital. In the pool are Coinshares, Abra, and AscendEX. Because the delegate performs due diligence on the market makers, these loans are undercollateralized, which is rare in DeFi.
On MakerDAO, for every $1 borrowed, users must deposit $1.50 in Ethereum. With Maple Finance, terms are based on the amount of collateral and the firm’s credit.
It may seem like crypto-things, but Powell’s time has gained traction. Prior to Icebreaker, Maple serviced $1.8 billion in loans.
Summary of today’s Bitcoin and Cryptocurrency news
In summary, now crypto traders actively go against Cramer’s recommendations. Co-creator of Dogecoin (DOGE) Billy Markus reacted angrily after Cramer labeled bitcoin’s June crash “Crypto Monday” and predicted the end of the crypto sector. In response to a tweet from Cramer, Markus said, “Jim ya gotta shut up sometimes.”
Meanwhile, the RCD Espanyol professional soccer team, the first La Liga team to accept the new method of payment, has contributed to the rising popularity of bitcoin and cryptocurrencies in Spain. In 2023, Vueling, a Spanish airline, will also start taking bitcoin as payment. Instead of developing its own bitcoin payment system, Vueling opted to work with BitPay, a company that provides such a service.
Finally, though it may appear like gibberish to the uninitiated, Powell’s ideas have gained significant popularity. Maple has already serviced $1.8 billion in debts before joining the Icebreaker pool.
