CNBC host Jim Cramer has a lot to say about the ongoing downturn in the cryptocurrency market. Taking a dig at the volatility of the crypto market, he said that the decline in the cryptocurrency is not going to stop, it may fall further. Simultaneously, Jim said for crypto that this class of asset has no real value.
Jim Cramer has been in the stock reporting field for a long time. He has said for cryptocurrencies that there is still room for further downside. He said that the total market capitalization has come down to $1 trillion. In his statement to CNBC, Jim said, “Cryptocurrency is really about to explode. It’s gone from $3 trillion to $1 trillion. Why will it stop at $1 trillion?”
There was also a statement from Jim last week for cryptocurrencies. Jim, host of the CNBC show Mad Money, expressed his views on crypto last week that cryptocurrencies have failed as a shield against inflation. It cannot be used as an asset for weak periods.
He further said that digital assets are performing worse than equities. He commended the US Federal Reserve for taking the decision to contain inflation by keeping out high-risk assets such as crypto. Kramer said that by sacrificing crypto, the US Federal Reserve has registered its victory against inflation.
Currently, these words of Kramer seem to be proving true for the crypto market. Data from CoinGecko shows that bitcoin is trading down 71.67% from its all-time high. Whereas Ethereum is performing even worse. It is down 80% from its all-time high.
Last month, Kramer predicted that bitcoin, the world’s largest cryptocurrency, could drop below $12,000. He had said that crypto cannot be used as a safe investment. Earlier in January, he also alerted his followers to DodgeCoin, saying that DodgeCoin is unregistered security.