Jim Cramer’s Latest Advice for Crypto Investors
The prevailing crypto market conditions show that the crypto winter season will continue further, perhaps till a time unknown.
The Crypto market is making some gains in the past week. However, the gains are not good enough to put the market back in a place where it was prior to November 2021.
Bitcoin’s value fell from a sky-high $69,000.00 to under $17,000 and for many months Bitcoin is struggling to go past $17K.
FTX platform, which enjoyed the popularity of being the biggest crypto platform, is now bankrupt and its esteemed CEO has resigned. Investigations have been launched against the CEO of FTX and the firm.
In these circumstances, Mad Money’s host, Jim Cramer, had advice that he had shared with the crypto investors.
On Monday, 5th December 2022, Cramer recommended crypto investors immediately liquidate their crypto holding while they can.
Apart from hosting Mad Money, Cramer is globally recognized as a veteran investor who also co-founded a literacy/news portal called Thestreet.com.
Never Too Late
According to Cramer, investors don’t need to convince themselves that they should continue to hold their crypto funds.
He suggested that now is the time to liquidate all ‘so-called’ digital currencies and use proceeds somewhere else.
Cramer was once a Bitcoin investor and enjoyed spending money on acquiring other cryptocurrencies such as Ethereum.
He was also very fond of non-fungible tokens (NFTs). However, when in November 2021 crypto crisis came, he relieved himself from all sorts of digital currencies which he had acquired.
While giving advice to investors, he reaffirmed that he had sold all of his digital assets in the past year, including Bitcoin and Ethereum.
He also revealed that the sale proceeds were later utilized by him for acquiring an agricultural farm.
There Won’t Be Any Crypto Industry
Currently, being a professional expert in trading, he renders financial and investment advice to high-profile investors and entrepreneurs.
One of the advice he often advises is never to invest in assets that are rather ‘speculative’ such as cryptocurrencies.
Cramer explained further that investors should not be convinced that there are some exceptional crypto coins in the market. He particularly referred to XRP, Polygon, SHIB, and Dogecoin to say that ‘like others, they too are unworthy.
He claimed that these so-called ‘exceptional’ coins would be of zero value in the future because the crypto industry would be limited.
As regards, USDT, a stablecoin pegged with USD, he said that USDT’s $62 Billion economy would vanish into thin air. He suggested that no matter how hard crypto boosters try, ultimately, there wouldn’t be a crypto industry.
Biggest Liar Sam Bankman-Fried
Cramer also talked about the FTX implosion and its CEO, Sam Bankman-Fried.
He claimed that he would be pleased to place a bet that FTX’s fall would not be the last. Instead, in line are a lot of crypto firms waiting for the liquidity crisis to put a final nail in the coffin.
As regards, Bankman-Fried, Cramer opposed FTX CEO in strong words. He said the past week that FTX’s CEO was the biggest liar he had ever seen. He even regarded FTX’s CEO as a fool who thought that he would never be caught.
It is a fact that FTX is currently facing charges of corruption and misappropriation of investors’ funds. While firm’s CEO also has been alleged to be involved in such activities.
Despite the advice coming from Cramer, there are many more business tycoons who have been linked with cryptocurrencies. However, their advice is completely opposite to what Cramer has claimed.
Even several billionaires including Elon Musk are confident about the future of cryptocurrencies. Musk predicted that the future of cryptocurrencies is intact and they are going nowhere.
Yes, there can be ups and downs in the cryptocurrency industry but it does not mean it is going to die.
The same situation is being faced with the global economy and the worst-case scenario would be a recession. Finally, things will get back to normal and so will the cryptocurrency industry.
The statements coming in from each person or market guru are suggestions and they would never own them if things move the other way.