Jim Cramer: Get ready to see Bitcoin at $12000

Jim Cramer, the host of CNBC’s “Mad Money,” stopped by the Squawk Box show to discuss Bitcoin and traditional markets. The host expressed his pessimism about Bitcoin reverting and beginning to rise. He called Galaxy Digital’s Mike Novogratz and MicroStrategy’s CEO Michael Saylor’s recent appearances on CNBC earlier this week “a stand show.”

He feels that these two significant Bitcoin investors had no choice but to put it up because “they can’t let it go down any longer,” so they acted as if this price drop was the norm before BTC skyrocketed. This is a common occurrence for cryptocurrency pricing.

Finally, Cramer predicted that Bitcoin will drop below $12,000, the amount at which it was “before this whole debacle began.”

The host of “Mad Money” reiterated that Bitcoin “truly isn’t anything,” mocking Joe Kernen’s claim that it is a symbol for the embryonic blockchain technology.

Cramer previously indicated that Bitcoin and Ethereum are “the most legitimate” cryptocurrencies, and that individuals should be permitted to participate in them as long as they are not considered risk-free assets in previous interviews.

The cryptocurrency markets have been a massacre. The sharp drop has wiped out nearly $2 trillion in digital currency value from fresh highs near the end of 2021. On June 13, the global crypto market cap dipped below $1 trillion, hitting an 18-month low.

The worldwide crypto market cap was $867 billion on June 15 afternoon, according to CoinMarketCap data, down more than 10% from the previous day.

This year, the two most prominent cryptos, Bitcoin (BTC) and Ethereum (ETH), have witnessed huge price declines. In November 2021, the two coins reached all-time highs, with BTC reaching $69,000 and ETH reaching $4,800.

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