- Mad Money’s Jim Cramer warned investors to stay away from crypto.
- His warning was amid the recent price gain of Bitcoin (BTC), which just marked its 90 day high.
According to CNBC, on January 23rd, 2023, Jim Cramer warned investors to stay away from making their investments in the crypto industry. Instead of crypto, investors should look towards gold.
Cramer generally shares his thoughts against the crypto industry. He says that Bitcoin is not a Hedge ‘Against Anything.’ He said investors should opt for gold. Meanwhile, the price bounce in the top digital asset by market capitalization has not convinced Cramer of its legitimacy.
Cramer said “Now that Bitcoin has spent the last couple of weeks bouncing off its lows, the whole crypto-industrial complex is back in full gear, trying to entice people back in. I think that would be a huge mistake for you.”
CNBC’s Cramer criticizes Bitcoin’s “legion of cheerleaders” for continuing to support the crypto industry even after the collapse of FTX and the resulting contagion that spread to other prominent crypto firms.
Cramer further said, “For years these people told us that Bitcoin was the perfect replacement for gold as an alternative asset. They said it was a great hedge against inflation… while central banks were printing money like crazy, but in reality, it wasn’t a hedge against anything.”
The CNBC host points to Bitcoin’s high correlation with the Nasdaq 100 Futures chart and argues that BTC is a risk asset, not a type of currency or a stable store of value. He urges traders who want a hedge against inflation to ignore the Bitcoin maximalist and continue the purchase of gold.
Bitcoin Price Analysis
At press time, Bitcoin was trading at $23,037.04 with a trading volume of $31.36 Billion. Bitcoin was up 1.64% in the last 24 hours and also up around 44% from its 30-day low of $16,408.48, according to data sourced from CoinMarketCap. Meanwhile, the global crypto market cap is $1.05T, a 2.37% increase over the last day.
However, in the last seven days, Bitcoin surged almost 11% and marked its 90 day high at $23,722.10 today. This price surge was estimated as investors continued to bet that the Federal Reserve will ease its pace of interest rate cuts or stop them altogether.
- Polkadot Price Prediction: Will DOT Price Extend Decline? - September 27, 2023 8:15 pm EDT
- Morgan Stanley Bets For Further Decline In MU Share Price! - September 27, 2023 6:09 pm EDT
- Aptos Crypto: APT Crypto Price Surges Because of a SCAM Token - September 27, 2023 4:48 pm EDT