In a recent live broadcast on CNBC, veteran trader and host Jim Cramer talked about investing as a hedge during times of inflation and economic instability. Bitcoin He expressed his reservations about it.
Jim Cramer, who is known for his controversial statements and is often ridiculed because the exact opposite of his predictions come true, said: Bitcoin“I can’t hang out with ’cause I can’t be in a place where Mr. Bitcoin is about to have a big crash,” he said.
He suggested to his audience that they would be better off investing in gold, a traditional safe-haven asset, rather than cryptocurrencies.
“The charts show you should ignore the crypto fans as Bitcoin bounces,” Cramer said. “And if you want a real hedge against inflation or economic chaos, it says you should stick with gold,” he added.
This isn’t the first time Cramer has expressed skepticism towards Bitcoin. In June 2021, following China’s crackdown on crypto miners BitcoinHe announced that he sold most of his assets. He also expressed concerns about structural problems in Bitcoin and predicted that its price would drop further.
But not everyone shares Cramer’s views. Appearing on CNBC earlier Tuesday, billionaire hedge fund manager Paul Tudor Jones said that due to a combination of extensive geopolitical risk and rising U.S. government debt levels, both BitcoinHe also expressed his support for gold.
*This is not investment advice.
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