” There are fortunes to be made in cryptocurrency “Says Jim Cramer, a skeptic recently converted to bitcoin. However, many of the crypto-enthusiasts don’t hesitate to warn against his advice. We explain the reasons.
Cramer recommends investing 5% of your savings in bitcoin
Jim Cramer was known as a strong proponent of traditional finance long before 2018. It was the time when bitcoin was falling to $ 6,000 a coin. Two years later, the world was surprised by Cramer’s turnaround. In fact, the host of the “Mad Money” program announced that there are fortunes to be accumulated in the cryptocurrency universe.
Interviewed by CNBC Make It, Cramer confessed to holding ethereum. The reason for this purchase? His intention to profit from an NFT launched during a charity event.
” I had to buy it on Ethereum, so I did some research and it has qualities that I like. justified the one who previously claimed that he was not there “No real value in cryptocurrency “At one time, Jim Cramer even went so far as to predict further declines in the cryptocurrency market.
Since his repentance, he hasn’t hesitated to support ETH and BTC. He also offered some advice for investors, notably:
- never borrow money to afford crypto assets;
- do not include them in the same category as Coca-Cola, Procter & Gamble, Apple, etc. ;
- and not invest more than 5% of our savings in cryptocurrencies;
Recently, he welcomed the opening of a Securities and Exchange Commission (SEC) investigation against Coinbase. The latter, in fact, would have offered to exchange “ titles »Not registered with the regulatory authority.
” I have waited a long time for this SEC investigation of Coinbase to happen. Now here we are. You can’t do what you want with titles in this country … “, He tweeted.
It is not as holy as it seems
Cryptocurrencies don’t have it no real value “, Jim Cramer launched at a certain time. The advice he has offered here and there would not seem sufficient to restore his reputation.
Some crypto-enthusiasts like John E Deaton go so far as to berate him on Twitter by posting such messages:
” Sorry @jimcramer but I must admit your comment is the most bullish sign cryptocurrencies have had in weeks “.
On Quora, the founder of In Bitcoin we trust he also warned the bitcoiners of the words of this stock selector noting:
” Beware of Jim Cramer and his famous advice on the world of cryptocurrencies or the stock market… “
Didn’t he stress that he entered the world of cryptocurrencies as a “player”?
” I didn’t buy bitcoin or ethereum as inflation insurance. In all honesty, I was playing. I was just playing on crowd psychology, though, and I have no idea why these things have increased, except there are a lot of overly enthusiastic people out there who want to buy high and sell high. “
It really is the greatest madman theory that Bill Gates did not hesitate to associate with crypto assets when he spoke on the subject.
Let’s also not forget that Cramer was a true Coinbase fan two years ago. Now that the US stock market is in good shape, it is changing sides. Deaton does not appreciate this gesture.
As for the question ” we should be wary of Cramer the answer lies with each investor. While the use of the word “play” can disgust bitcoin holders and bitcoiners, beginners might see it as something to reduce the risks associated with this adventure. Because the level of risk tolerance varies from person to person. And with the volatility of bitcoin and other cryptocurrencies, using 5% of your savings would seem more sensible. At this point, the ball is in your court.
Sources: CNBC; Nasdaq; U ° today
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The blockchain and crypto revolution is underway! And the day the impacts are felt on the most vulnerable economy in this world, against all hope, I will say that it has something to do with it.