Longtime CNBC commentator Jim Cramer said on a recent episode of “Mad Money” that he expects cryptocurrencies like XRP, Cardano, and Dogecoin could potentially crash to zero.
Despite falling bitcoin prices, the celebrity TV personality has advised investors that it is not too late to sell their cryptocurrency holdings.
According to the stock picker, the leading cryptocurrencies are still grossly expensive, putting people who continue to hold them in a “terrible situation.”
Longtime “Mad Money” anchor Jim Cramer has criticized Tether (USDT), the biggest stablecoin in the world, by doubting the company’s USDT reserve backing. Cramer compares the present situation of the crypto business to the dot-com bubble, stating that crypto fans are urgently seeking to keep things “up in the air.”
Cramer rightly anticipated that cryptocurrencies had further space to fall in June, despite the scepticism of cryptocurrency supporters. His pessimistic thesis at the time centred on the notion that the Federal Reserve will destroy crypto through interest rate rises.
Despite the fact that inflation seems to have peaked, the future for cryptocurrencies has gotten even bleaker with the collapse of the FTX exchange.
Bitcoin has failed to reach Cramer’s gloomy $12,000 price estimate. After falling to a multi-year low of $15,479 on November 21, the biggest cryptocurrency is presently trading just over the $17,000 mark.
Eric Robertsen, the chief strategist of Standard Chartered has warned, as reported by U.Today, that Bitcoin might fall below $5,000 in 2023.
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