Known as the “Wall Street madman”, “CNBC” financial celebrity Jim Cramer called on investors on Monday, calling on them to get their hands on cryptocurrencies as soon as possible. He says:
You can’t just be unlucky and think “it’s too late to sell now”. If you own these so-called digital assets, it’s a terrible investment, but you also have to remember that it’s never too late to sell a bad position.
Jim Cramer warned against holding speculative assets as the Federal Reserve continues to sharply raise interest rates to tighten monetary policy, and he warned investors not to be fooled by “the inflated market capitalization of certain tokens.”
Jim Cramer expects that there will be more cryptocurrencies that will fall further, and may even go to zero, such as Ripple (XRP), Dogecoin (DOGE), Cardano (ADA) and Polygon (MATIC), etc. Almost all are unavoidable.
Jim Cramer used to be a supporter of Bitcoin. In 2020, he said that “Bitcoin can not only appreciate in value, but also hedge against inflation”, so he wanted to try to invest 1% of his assets in Bitcoin and leave it to his children as a legacy. But in less than a year, he said that he had sold most of his Bitcoin assets due to regulatory concerns.
In September of this year, Jim Cramer advised investors to avoid investing in cryptocurrencies, and bluntly stated that he no longer believes that Bitcoin is a store of value or a means of hedging against inflation.