Jim Crame is back at it again with yet another U-turn in terms of his cryptocurrency stance. He called bitcoin and altcoins speculative assets and warned individuals to refrain from investing in them.
In the past few years, Cramer has displayed a somewhat controversial view of the crypto sector. In 2021, he insisted on receiving his salary in bitcoin. Following the major price correction, though, he abandoned those plans, selling almost all of his BTC holdings.
“Don’t get Crypto’d”
In yet another change of heart, the host of CNBC’s “Mad Money” – Jim Cramer – sounded a note of caution to investors to avoid diversifying their portfolios with cryptocurrencies. In his view, the US Federal Reserve is committed to bringing down speculative assets, claiming that digital currencies fit that bill:
“Look, Fed chief Jay Powell told us that we need to stop doing stupid things with our money… What matters is that we just have to get through it intact. Don’t get memed. Don’t get SPAC’d. Don’t get crypto’d. And you’ll get through this thicket and find yourself in a much better time when we are sufficiently oversold for a huge bounce.”
Cramer believes that the Fed has the capability to wash out all projects that could be described as “gambling.” However, the institution might harm some meaningful ones in the process, too, the American added.
Earlier this week, Bitfury’s CEO – Brian Brooks – also touched upon the Fed and how its approach to tackling inflation harms bitcoin:
“We have talked about the idea that bitcoin is an inflation hedge. The more the market expects tough policy from the Fed, the more people think the Fed is going to keep an aggressive posture, and that would tend to harm Bitcoin.”
His Previous Thoughts
It is safe to say that Cramer – is among the individuals who often change their vision of the digital asset industry, mostly based on current prices.
Back in 2018, when bitcoin dipped beneath $4,000, he described it as an “outlaw currency.” Last spring, though, the asset’s price skyrocketed to $65,000, and he vowed to receive his paycheck in it.
A few months later, the crypto sector went through a considerable decline following the Chinese crypto crackdown, and Cramer made a U-turn again, claiming he cashed out almost all his BTC. Last October, Cramer said his entrance to the crypto market was “simply gambling.” He went further, associating the industry with the “greater fool theory.”
In June, he refuted himself, saying Bitcoin and Ether have captured the attention of broad society and “seem the most legitimate.” As such, he recommended investors interact only with those two and never borrow money to join the market.
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