On January 5, 2018, CNBC’s Fast Money programme ran a now infamous segment titled “Crypto Class: How To Buy Ripple,” where host Brian Kelly taught viewers how to purchase Ripple’s XRP while it was over $2.50 per coin.
Lol @CNBC is showing people how to use the internet to buy Ripple. Literally click-by-click tutorial followed by “that’s how easy it is!”
This is so insane. pic.twitter.com/8uzt0YP5Po
— Pomp ? (@APompliano) January 7, 2018
CNBC detailed how an investor can buy Bitcoin on Coinbase and transfer it to Poloniex, which lists XRP. While it was an informative segment for non-crypto investors to learn how to buy coins not listed on Coinbase, CNBC came under fire from the crypto community for its language that pushed XRP on investors while it sat at an all-time high.
Kelly continuously dropped weirdly bullish comments.
I’ve bought all that Ripple – that’s how easy and fast it is.
Things weren’t much better for the accompanying article published that same week, which used very similar language to describe the XRP buying best opportunity.
If you thought bitcoin was hot, maybe you should learn about XRP. It’s another crytocurrency that’s been rocketing in popularity lately. It was created by a company named Ripple.
Since that moment, XRP has dropped to $0.257, leading any investors who took Kelly’s advice to lose over 90% of their investment, if they held. While this hasn’t stopped CNBC from publishing similar segments, including some that shill of Bitcoin Cash, the crypto community now commonly uses any investment recommendation from the media group as a counter-trade signal.
Despite the massive losses, XRP is currently ranked 3rd in the CoinMarketCap, a benchmark index for large-cap cryptocurrencies and tokens.