Jim Cramer is a CNBC host and well-known stock market commentator.He hosts a show called “Mad Money” .
Earlier today Jim Cramer said that cryptocurrency has no value and will have an interview. By saying this he embarked on his statement with analysis.
He stated that why should the crypto market elevate down from $3trillion to $1trillion and why should it stop on $1 trillion mark. Jim sees cryptocurrency as a valueless asset because its value keeps on draining down.
Cramer went on to say that he believes there is still a lot of potential for the prices of cryptocurrencies to fall further. The CNBC host also warned investors that they should be very careful about investing in cryptocurrencies.
He doesn’t see any value in crypto because it keeps on declining and there are no any government backings like gold.
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 even a single penny but still, their stock prices were reaching the moon. And at the end result was that these companies got bankrupt and people lost their money.
He compared the same situation with cryptocurrency and said that right now crypto is going through the same phase that dotcom went in early 2000.
Many companies during that time raised capital by selling stocks and later on got bankrupt. So, Cramer believes that crypto has much more room to fall.
Generally, Jim Cramer lacks hope in cryptocurrency due to its volatile nature. He has been warning people for a long to not invest in crypto because it might result in a huge loss.
And right now his prediction is coming true as the top coins are losing their value rapidly. So, we can say that Jim Cramer’s bearish views on cryptocurrency seem to be justified.