CNBC host, trader and investor Jim Cramer is back in the spotlight with his latest comments on cryptocurrencies. Cramer talked about speculation in cryptos in his latest statement. Here are the details…
Jim Cramer shared his latest cryptocurrency comment
CNBC’s Jim Cramer said investors have a good chance to exit crypto and Chinese equities. Because he stated that none of them can be trusted. Cramer acknowledged that both markets have seen significant returns over the past few years. But he argued that they were too speculative, especially lately, and that there were too many “unknown factors” to be trusted. He underlined that the Chinese government has greatly influenced the Chinese stock market. On the other hand, he noted that the cryptocurrency market is subject to significant price fluctuations due to its volatility.
According to CNBC, China has been applying regulatory pressure for months, largely targeting tech giants. Moreover, the government has enacted various laws ranging from anti-monopoly measures to data security. The moves prompted investors to exit the market and destroyed billions of dollars from China’s tech giants. On the other hand, experts state that the failure of FTX, which has a market capitalization of $ 32 billion, has brought the cryptocurrency industry under serious scrutiny. On the other hand, he states that the increase in the US Federal Reserve’s interest rates is one of the reasons for the losses in the market.
Losses due to general market shock; It was felt within the cryptocurrency community as the prices of top crypto assets such as Bitcoin, Ethereum, Ripple and Litecoin depreciated. Cramer said that investing in such markets could put investors at risk of losing money, and suggested that they instead seek more stable investments. He recommended investing in traditional stocks and mutual funds. He pointed out that these have greater consistency, both in terms of returns and in terms of underlying market dynamics.
What were Cramer’s previous statements?
In the past weeks, Cramer has specifically targeted Solana (SOL) and Litecoin (LTC). cryptocoin.com As we reported, the stockbroker said that he has sold all his crypto investments and will not enter the space again after the collapse of FTX. Cramer is widely regarded as one of Wall Street’s top analysts, and as a public figure, many seek investment advice directly from him. Cramer wasn’t always anti-Bitcoin or anti-crypto. In fact, he was once a major proponent of the nascent asset class.
At one point in 2021, Jim Cramer was optimistic that if the US Securities and Exchange Commission (SEC) approved a BTC Exchange Traded Fund (ETF), the Bitcoin price could see a massive spike. The SEC has not approved any applications for any Bitcoin ETF so far. Cramer has already sold his Bitcoin for Ethereum, which he believes has more. According to Cramer, crypto, especially Litecoin (LTC), Dogecoin (DOGE), and those that fall into the “pump and dump” category are no longer worth the hassle.
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