Mad Money show host Jim Cramer believes that the cryptocurrency market will collapse in 2023, so he urged investors to sell all the crypto assets they have.
Jim Cramer believes that many cryptocurrencies, including XRP, ADA, MATIC and DOGE, are ready for further declines, and their rates will soon fall to zero. He explained that the US Federal Reserve System (FRS) is tightening monetary policy in the fight against rising inflation by raising interest rates, resulting in a contraction in the money supply.
Therefore, crypto investors should not hold high-risk speculative assets, Cramer said. He advised them to sell their crypto assets while there was still time.
“Don’t beat yourself up and say it’s too late to sell. The truth is, it’s never too late to sell a terrible position. I’m talking about so-called digital assets. You still have time to “escape from the ship” while cryptoassets retain their value, ”said a cryptocurrency skeptic.
Kramer believes that many investors are fooling themselves by looking at the inflated market capitalization of some cryptocurrencies. In particular, the TV presenter criticized the stablecoin Tether (USDT), pegged to the US dollar.
“The stablecoin Tether is still worth $65 billion. There is an entire industry of cryptocurrency hype desperately trying to keep it alive. It’s not too different from the dot-com crash,” Cramer said.
Last year, Kramer compared crypto assets to gambling. However, in June, he changed his mind about some cryptocurrencies, considering it appropriate to invest 5% of the capital in bitcoin and ether for the long term.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
