Jim Cramer is an American television personality, author, entertainer, and former hedge fund manager. He is the host of Mad Money on CNBC, known for his flamboyant personality and his outspoken views on the stock and crypto markets.
Notably, Cramer positively spoke about Binance and the BNB token in the CNBC Market Alert show on September 4. He points to the fact that the centralized exchange has not yet proved its crypto reserves but says good things about Changpeng Zhao (CZ), CEO and Founder of Binance.
“They proved collateral, not reserves, but CZ looks like a good guy. I’m bullish here — loading up on their tokens. Way oversold!”
Cramer is a controversial figure. Some people admire his passion and his willingness to speak his mind. Others find him to be too aggressive and opinionated. However, there is no doubt that he is one of the most influential voices in the financial world.
Inverse Cramer Tracker ETF
Interestingly, not only a controversial figure, Jim Cramer has also been known for making market predictions that usually turn to the exact opposite of what was predicted. This meme has also turned into an investment product in the stock market, called Inverse Cramer Tracker ETF.
The Inverse Cramer Tracker ETF is an investment fund that profits when Jim Cramer’s stock picks underperform. The fund is designed to capitalize on the market’s skepticism towards Cramer’s calls.
Therefore, the ETF works by shorting the stocks that Cramer recommends. Shorting a stock means borrowing shares of the stock and selling them, with the expectation that the price of the stock will go down. If the price of the stock does go down, the ETF can buy back the shares at a lower price and return them to the lender, pocketing the difference.
Jim Cramer’s unpredictability was recently seen in two financial events related to Nvidia (NASDAQ: NVDA), when the Mad Money host recommended investors to step back from Nvidia, only to witness the stock soar by an astonishing 284%. On August 25, Nvidia dipped 2.43%, one day after Cramer said he was bullish on the company’s stocks.
Moreover, Bitcoin (BTC) is up 50% by press time, since Jim Cramer told investors to ‘get out’ in January. When the leading cryptocurrency was changing hands at $17,093.
BNB price analysis with a bullish Jim Cramer
Most recently, the cryptocurrency influencer Crypto Rover (@rovercrc) posted on X, joking about the investor’s unpredictability, due to the fact of him being bullish on Binance’s token.
BNB Chain (BNB) has suffered in the last few weeks with growing rumors about liquidity issues in the crypto exchange — that has not been proven to be true so far, although backed by red flags such as suspending Euro (EUR) withdrawals.
Meanwhile, BNB is changing hands at $214.54 by press time, up 0.42% in the day.
There are still 628,940.69 BNB ($134.97 million) in the vault on the Venus Protocol, which belongs to the missing hacker from 2022, in a threat of liquidation, which contributes to investors’ fears, uncertainty, and doubt (FUD) on Binance’s native token.
In November 2022, after the threatening position was created following the massive BNB hack, the Core Team of the BNB Chain proposed that this position’s liquidations shouldn’t be done organically, as it usually happens with borrowed positions, due to the high possible impact to BNB’s price.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/jim-cramer-turns-bullish-on-binance-and-bnb-token/