CNBC’s Mad Money anchor Jim Cramer advised against investment in dogecoin (DOGE) on Thursday. Cramer was a prominent stock broker who co-founded Thestreet.com, a website dedicated to financial news and education. He also questioned the availability of dogecoin.
He stated on twitter to be cautious with dogecoin. He added that the meme cryptocurrency is a security and shall be regulated. He went on saying by questioning the availability of dogecoin.
People opposed Cramer and questioned him about how he reached this conclusion. Some even criticized him for lack of understanding of blockchain. Billy Markus, co-creator of Dogecoin, responded to Cramer, to study how blockchain works. It is in the open code on the blockchain network, and everyone can see it.
Markus firmly said “it is a proof-of-work crypto, which means you must put in effort to extract the money from the block in terms of security.” It is 99.5 percent the same code as bitcoin. Gary Gensler, Chairman of SEC, is now focused on controlling crypto exchanges. However, he refused to address any specific cryptocurrency including ether.
Dogecoin is the 11th most valuable cryptocurrency in terms of market capitalization. It has a market capitalization of around USD 22 billion. Dogecoin, according to Musk, is the finest cryptocurrency for transactions. He directly owns some dogecoins. Tesla has begun taking DOGE in exchange for select products.