Is Jim Cramer’s bearish stance on Crypto a bullish signal?

CNBC’s Jim Cramer has gone bearish on cryptocurrencies, reversing his bullish stance.

Cramer calls yesterday’s market meltdown “shocking” while on the “Squawk on the Street” podcast.

“A lot of younger people and people who borrowed money, they are going to be gone today if they are not careful.”

His comments represent a shift from last year when he had a more positive take on crypto.

Crypto Twitter had no problem making a joke of Cramer’s takes as his mixed record on financial analysis recently prompted the emergence of the “Inverse Cramer ETF,” a fictional Exchange-Traded Fund that recommends the opposite of anything Cramer says.

Solana co-founder Anatoly Yakovenko had predicted earlier that Cramer’s view would turn bearish.

“A major fund must also close and Cramer will utter a bearish crypto prose,” he tweeted.

Almost on cue, the “Mad Money” host and popular meme target soon said that he is getting a pessimistic view of crypto from many in Silicon Valley, saying that some called digital assets “a con.”

During the “Squawk” podcast, Cramer pointed out that the marketing push for crypto has driven people into speculating on digital assets, bringing up the ad with Matt Damon that said, “Fortune favors the brave.”

Cramer, who has acknowledged owning Bitcoin and Ethereum, took his message to Twitter, “Crypto–need the big crypto lovers to buy and stabilize,” Cramer tweeted.

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

Despite pushback from Crypto Twitter, it does appear that the market may be heading towards a “crypto winter,” as the combined market capitalization of all cryptocurrencies fell to $969 billion today, according to CoinMarketCap.