Since its beginnings, the crypto industry has drawn a lot of criticism due to its volatile nature. Numerous government officials discussed how Bitcoin (BTC) was the dark web money. But it soon became apparent that BTC was much more than just a symbol of the dark web. While some still remained dubious, some people gained over the crypto sector. The host of CNBC’s Mad Money, Jim Cramer, has always been vocal about //his love-hate relationship with cryptocurrencies. On his talk show recently, he discussed crypto. He urged the people to avoid risky assets like Bitcoin (BTC). He continued:
“What matters is that we just have to get through it intact. Don’t get memed. Don’t get Spaced. Don’t get crypto’s. And you’ll get through this thicket and find yourself in a much better time when we are sufficiently oversold for a huge bounce.”
Numerous people have already been shocked by the cryptocurrency market’s volatility. The latest crypto market collapse that sent Bitcoin below $20,000 stunned many people. Investors should avoid the cryptocurrency market while it is still on its recovery, according to Cramer. He went on to compare it to the present tightening cycle at the Federal Reserve. The Fed’s chairman, Jerome Powell, said last week that steps had been taken to reduce inflation. In the meanwhile, the treatment will inflict “some pain,” he told American households and businesses. He added:
“Look, Powell, the head of the Fed, warned us that we should quit using our money foolishly.”
In addition to these individuals and businesses, Cramer noted that investments in crypto will also encounter some difficulties. The world won’t “see the end of this slump,” he added, “until there is a big washout of everything speculative.” He made it obvious that it wasn’t simply about cryptocurrencies despite his emphasis on them.
- Jim Cramer: Get ready to see Bitcoin at $12000
- Jim Cramer believes crypto market value may collapse below $1 trillion