Jim Cramer of Mad Money recommends avoiding cryptocurrencies and other speculative investments now.
- Jim Cramer Recommends Avoiding Cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. Trading Now
- He says the Fed called not to do “stupid things with our money.”
- He commented that CNBC shouldn’t even be quoting cryptocurrencies.
- This TV personality has had a contradictory position with crypto: love it or hate it.
In the world of cryptocurrencies, there are characters that do not change their role. For example, Michael Saylor, founder of MicroStrategy is an advocate of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. who says he won’t sell for nothing while the economist Peter Schiff has long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. been a fierce critic of the crypto world.
However, there are contradictory characters, who move from one role to another practically without us noticing it. This is the case of the presenter of the programme Mad Money de CNBC, el exadministrador de fondos de cobertura, Jim Cramer.
Recently, in June, was very enthusiastic about cryptocurrencies. . He said in an interview with “ Make It” from CNBC:
“If you’re a young person and you’re thinking about cryptocurrencies, I think you’re smart.”
He added at the time: “ I think cryptocurrencies should be part of a person’s diversified portfolio. I can’t tell you not to own crypto. I own cryptocurrencies; I own Ethereum.
Now, in less than three months, Cramer has had a radical change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. of heart. He has advised investors to avoid cryptocurrencies and other speculative investments. “ Don’t make memes. Do not become SPAC. Don’t get cryptographed “Cramer emphasized, warning of “a giant washout of all things speculative.”
He specifically blames the Fed’s aggressive stance.
In this week’s episode of his hit show “Mad Money” Cramer admitted that he was wrong about cryptocurrencies.
“I think it’s time we start questioning the fundamentals of cryptography. “, they say.
He went even more radical and questioned whether CNBC should report on cryptocurrencies. “Y We won’t even need to have these quotes on the side of the TV screen”, Dijo.
He admitted he was wrong about cryptocurrencies now that it hasn’t worked as a store of value.
He warned that these investments will struggle as the Federal Reserve continues its aggressive stance to fight inflation.
“Look, Fed chief Jay Powell told us we need to stop doing stupid things with our money. That was the thrust of his speech on Friday.” said Cramer, referring to the discurso de Jerome Powell in Jackson Hole, Wyoming. Powell warned that the Fed’s battle against inflation a general increase in prices and fall in the purchasing value of money. will bring “some pain”.
Cramer explained that the Federal Reserve “he’s gonna bring the pain until he puts an end to the gambling.” . Referring to Powell’s speech, the Mad Money host stated:
“Of course, it will also hurt some good investments in the process…but we won’t see the end of this decline until we have a giant washout of everything speculative.”
Cramer said this includes cryptocurrencies, adding that other speculative investments investors should avoid include money-losing companies that went public through special purpose acquisition companies (SPACs) and meme stocks.
Y and Twitter
He also tweeted about it:
The Fed tells you to sell cryptocurrencies and nfts non-fungible token, a unique non-interchangeable piece of digital content that is stored on a distributed ledger (blockchain). and IPOs. (Initial Public Offerings) and SPACs before they take away your life savings. no more fooling around!!!!!
The Fed is telling you to sell the cryptos and the nfts and the ipos and the SPACs before they take your life’s savings. No more nonsense!!!
– Jim Cramer (@jimcramer) August 30, 2022
“What matters is that we just have to get through it intact. Don’t become a meme. Don’t go SPAC. Don’t get cryptographed. And you will get through this thicket and find yourself in a much better time when we’re oversold when a cryptocurrency has been sold by more and more investors over time, with its price decreasing for an extended period of time. enough for a big bounce.” Cramer described.
“This is what it looks like when the Fed gets serious.”
It is worth noting with regard to Cramer that he has changed his mind about crypto several times: at first he didn’t like them, then he became an investor and promoted them. because they seemed to him a “prudent” investment. and now he’s backtracking again.
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