Crypto investors on Twitter are lambasting the CNBC host over his Coinbase call.
Following a spike in Coinbase’s stock (COIN) a week after Jim Cramer suggested that the San Francisco exchange could be probed, the popular CNBC host is being lambasted across various social media platforms.
Recall that on July 26, 2022, Jim Cramer hinted that the San Francisco-based exchange could be probed by the SEC for offering crypto assets deemed as securities by the agency.
“The Coinbase roll over on a possible SEC investigation is very bad news given that we don’t even know what it’s about. But they were always hoping to avoid SEC scrutiny,” Cramer tweeted.
Coinbase Stock Soars 50% A Week Later
Interestingly, a week after Cramer made the tweet, the price of Coinbase stock soared more than 50%, thanks to the exchange’s partnership with the largest digital asset manager Blackrock.
As reported by TheCryptoBasic, Coinbase partnered with Blackrock to offer cryptocurrencies to the asset manager’s institutional clients. Following the partnership, COIN soared 50% to $106 in the last five days.
Instead of Cramer’s tweet affecting Coinbase’s stock value, COIN has been growing massively, thus prompting reactions from members of the crypto community.
Twitter Users Blast Cramer
CNBC’s rival, the New York Post, shared some of the criticisms aimed at Cramer.
1 week later Coinbase rips. Lesson – Jim Cramer knows what you know. Nothing really. pic.twitter.com/B6yu8U4Kd5
— Jason A. Williams ⚡️ (@GoingParabolic) August 5, 2022
Genevieve Roch-Decter, accountant and financial news analyst, said in a tweet:
“I don’t care if a company is the next Amazon. If Jim Cramer is recommending the stock I will never buy.”
In a similar development, Tony Edward, a popular cryptocurrency podcaster, also slammed Crammer, saying: “Never take financial advice from Jim Cramer!”
Another Twitter user, who goes by the username @nekitav1 said:
“We have already known for years that he is always a bottom and top signal. Just need to do the opposite of what he preaches.”
Coinbase has been in the news lately for both positive and negative reasons. Before the company announced its partnership with Blackrock, a former employee of the company was arrested and charged with conducting insider trading.