Jim Cramer is a CNBC anchor and well-known stock market commentator. He hosts a show called “Mad Money.” Earlier today, Jim Carmer said that cryptocurrency is worthless and will have an interview.
He stated why the crypto market should rise from $3 trillion to $1 trillion and why it should stop at the $1 trillion mark.
Jim sees cryptocurrencies as worthless assets because their value keeps going down. Cramer went on to say that he believes there is still a lot of potential for cryptocurrency prices to fall further.
The CNBC host also warned investors to be very careful when investing in cryptocurrencies. He does not see any value in cryptocurrencies because it keeps declining, and there are no government backings like gold.
Cramer said that instead of bemoaning the market’s downturn, investors should see it as a buying opportunity.
“We can’t act like there have been no declines. In fact, with the collapse of the oils, there’s no group left that hasn’t been savaged,” he said. “That may be enough to justify thinking more positively about this entire now-despised asset class, too. Funny thing about stocks — they do still get cheaper as they go lower.” (1)
Cramer continued his market analysis by giving an example of the dot-com bubble. He said that people were investing in companies that were not making a single penny, but still, their stock prices were reaching the moon.
The end result was that these companies went bankrupt, and people lost their money. He compared the same situation with cryptocurrencies and said that right now, cryptocurrencies are going through the same phase as the dot-com in the early 2000s.