Jim Crame is back again with another twist in his stance on cryptocurrency. He called for speculative assets on bitcoin and altcoins and warned individuals to refrain from investing in them.
In recent years, Cramer has shown a somewhat controversial view of the crypto sector. In 2021, he insisted on receiving his salary in bitcoin. After a major price correction, he abandoned those plans and sold nearly all of his bitcoin holdings.
“Don’t get encrypted”
In another change of heart, CNBC’s “Mad Money” host Jim Cramer has issued a warning to investors to avoid diversifying their portfolios with cryptocurrencies. In his opinion, the US Federal Reserve is determined to drop speculative assets and argues that digital currencies fit this law:
“Look, Fed Chairman Jay Powell told us we have to stop doing stupid things with our money…what matters is we just have to get through it right. Don’t get memed. Don’t get SPAC’d. Unencrypted. And you’ll skip. This forest will be in a much better time when we’re sated enough for a huge bounce.”
Cramer believes the Fed has the power to weed out any projects that could be described as “gambling.” The American added that the foundation may harm some important people in the process as well.
Earlier this week, Bitfury CEO Brian Brooks also touched on the Federal Reserve and how its strategy for dealing with inflation is hurting Bitcoin:
We’ve talked about the idea that bitcoin is a way to hedge against inflation. The more the market expects tough policy from the Federal Reserve, the more people believe that the Fed will take a tough stance, and this will hurt Bitcoin.
his previous thoughts
It is safe to say that Cramer – is among those individuals who frequently change their views on the digital asset industry, which is mostly based on current prices.
Back in 2018, when the price of Bitcoin dropped below $4,000, he called it a “banned currency.” But last spring, the price of the asset soared to $65,000, and he promised to get his paycheck in it.
A few months later, the crypto sector went through a major downturn after the Chinese crypto crackdown, and Cramer made the switch again, claiming to dump nearly all of his bitcoins. Last October, Cramer said his entry into the cryptocurrency market was “just a gamble.” He went so far as to associate the industry with the “big idiot theory”.
In June, he contradicted himself, saying that Bitcoin and Ether had attracted the attention of the broader community and “seem to be the most legitimate”. As such, he advised investors to only interact with these two and never borrow money to join the market.
Jim Cramer says in his Crazy Money post that the Fed will dump speculative assets like Bitcoin that first appeared on CryptoPotato.