The CNBC financial news columnist and host of Mad MoneyGram announced his intention to sell off his bitcoins, despite the decline in confidence in banks and the classical financial system.
Jim Cramer spoke about the recent bankruptcy of major US banks Silicon Valley Bank (SVB) and Signature Bank, which deepened people’s mistrust of the US Federal Reserve System (Fed). For many investors, this situation has become an occasion to invest more in cryptocurrencies, to which bitcoin reacted positively – its rate recently exceeded $26,000. However, Kramer believes that investors need to be on the alert, despite the rise in interest in the first cryptocurrency.
Some investors took Cramer’s call to sell bitcoin as a buy signal, citing the host’s frequent bad advice. In addition, after the collapse of the SVB and Signature banks, fragments from the Mad Money program appeared on social networks, where Kramer advised investors to buy shares in both banks.
This week US authorities halted Signature’s operation due to systemic risks, and the UK arm of the collapsed Silicon Valley Bank was bought by another financial giant HSBC for just one pound.
At the beginning of the year, Jim Cramer suggested that in 2023, the depressive mood will prevail in the cryptocurrency industry, and the industry will not achieve good results.
Source: Cryptocurrency
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