“Mr. Bitcoin is about to go down big,” as Jim Cramer sees it
On Tuesday, TV star and financial expert Jim Cramer revealed that he is avoiding bitcoin due to his general skepticism about cryptocurrencies.
On Tuesday, TV celebrity and financial guru Jim Cramer, who is reliably exuberant and frequently severely incorrect, poured cold water on several investing ideas.
After rejecting gold as an investment, Cramer looked to bitcoin as a potential replacement. “I can’t be in something where Mr. Bitcoin is about to go down big,” he said on CNBC’s “Squawk on the Street.”
Cramer’s remarks on “Mr. Bitcoin” may or may not have been a reference to the criminal trial of Sam Bankman-Fried now taking place in New York, but either way, the TV host seems pessimistic about the future of bitcoin.
Cramer went on a rant about millionaires, Vladimir Lenin, and Leon Trotsky after he discussed bitcoin. He said the present age is “perilous,” and he added that his duty is to go on television and attempt to offer them advice on how to invest their money, even if their alternatives may appear restricted.
The former Goldman Sachs employee has long had a pessimistic view of cryptocurrency, particularly in light of increased U.S. regulatory scrutiny. Meanwhile, uncertainty around bitcoin is likely to persist throughout the month.
The relationship between traders holding Bitcoin for the short and long term has kept the price of the cryptocurrency stable at over $27,000.