Renowned stockbroker Jim Cramer has been reinforcing his negative sentiment towards the cryptocurrency space for some time now. Cramer is the host of the Mad Money show on CNBC. On the December 5 episode of his program, he urged investors to sell their crypto holdings before it was too late. The millionaire believes that the biggest cryptocurrencies such as Ripple (XRP), Cardano (ADA), Polygon (MATIC) and Dogecoin (DOGE) could drop to $0 soon.
Jim Cramer warns crypto traders
Jim Cramer, an American TV personality with a net worth of $150 million, advised investors to “get out of the market” while there was time. The millionaire believes that in 2023, the markets will decline further and crypto assets may fall to 0. Cramer used the following statements:
You can’t beat yourself up and say ‘hey, it’s too late to sell’. The truth is, it’s never too late to sell a crappy position. Even if you have these cryptocurrencies, this is what you should do.
Cramer told investors it’s never too late to sell cryptocurrencies and jump ship while prices are still considered high. According to Cramer, speculative assets may fall as the US Federal Reserve continues to tighten its monetary policy. As we have announced as Kriptokoin.com, the monetary policy is tightened while the central bank is struggling with rising inflation. When monetary policy is tightened, interest rates are raised by the central bank and the money supply is reduced. Investors are withdrawing from risky assets like Bitcoin and altcoins in response to the Fed’s measures.
XRP, Cardano, MATIC and DOGE could go to $0, according to Cramer
Cramer specifically pointed to cryptocurrencies such as XRP, Cardano, MATIC, and Dogecoin. He said that in the upcoming recession, these coins could drop to $0. The Mad Money host warned investors not to stay in speculative assets and said that investors should not be fooled by the inflated market values of some cryptocurrencies. Cramer criticized Tether (USDT), a stablecoin with a market cap of 65.57 billion.
“It’s a so-called stablecoin that needs to be pegged in some way to the dollar,” the expert said. He stated that USDT still has a market capitalization of $65 billion. “There is an entire industry of crypto boosters desperately trying to keep all this in the air,” he added. However, he said that this is not much different from what happened with bad stocks during the dot-com crash.
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