CNBCExperienced server of Jim Cramer, “Mad Money’s” in a recent episode XRP, Cardano and dogecoin He said that he expects altcoins such as Bitcoin to probably drop to zero.
Famous Presenter Says Some Altcoins May Drop To Zero
Famous TV presenter investors, falling cryptocurrency warned that it is not too late to divest crypto assets, despite their price.
Cramer believes the top cryptocurrencies are still seriously overvalued, so those who continue to hold them find themselves in a terrible position, he said.
Mad Money’s longtime host, Cramer, also targeted the world’s largest stablecoin, Tether (USDT), questioning the company’s USDT reserve support.
Cramer says crypto enthusiasts are desperately trying to make things right, comparing the current state of the crypto industry to the dot-com bubble.
While crypto supporters tend to mock Cramer’s statements, Cramer correctly predicted in June that cryptocurrencies have more room to fall.
At the time, the bearish thesis revolved around the idea that the US Federal Reserve would destroy crypto with rate hikes.
After the collapse of the FTX exchange, the outlook for crypto became even more dire, even as inflation seemed to have peaked.
Still, Bitcoin has yet to drop to $12,000, Cramer’s bearish target. The largest cryptocurrency is currently trading just above the $17,000 level after dropping to a recent year low of $15,479 on Nov.
Eric Robertsen, chief strategist at Standard Chartered, recently of bitcoin in 2023 $5,000 predicted it might fall.
*Not investment advice.
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