According to CNBC’s Jim Cramer, the Cryptocurrency Industry Appears to Be Exploding
Longtime CNBC host Jim Cramer attacked cryptocurrency earlier today, claiming that the asset class “There is no real value.”
The famous stock picker also suggested that the crypto has a lot of room to fall after the total market cap fell below the $1 trillion mark. “Crypto appears to be really cracked. Went from $3 trillion to $1 trillion. Why should it stop at $1 trillion?” He said during his recent appearance on CNBC.
Last week, the “Mad Money” host said that crypto had failed as a hedge against inflation. Cramer pointed to the fact that digital assets were performing worse than equities, calling the former “the last bastion of speculation.”The CNBC star saluted the US Federal Reserve for making significant progress in combating inflation at the expense of high-risk assets such as crypto. According to Cramer, the “dah” of crypto is part of the Fed’s victory against inflation.
Denying the words, he called the crypto collapse the “mother of all misery”.
According to data from CoinGecko, Bitcoin is down 71.67% from its all-time high. Ethereum has performed even worse, with a fall of nearly 80% since November.
Last month, Cramer predicted that the price of the largest cryptocurrency would drop all the way to $12,000. He also said that crypto should not be considered as a safe investment last month.
However, the “Mad Money” host still sees Bitcoin and Ethereum as “legitimate cryptocurrencies”. In January, he urged his followers to be extremely careful with Dogecoin as he believed the meme cryptocurrency to be an unregistered security.