Earlier Thursday, longtime CNBC commentator Jim Cramer attacked cryptocurrencies, saying the asset class has “no actual value.”
The renowned stock picker added that when the whole market cap dropped below the $1 trillion threshold, there is still a lot of opportunity for crypto to decline.
“Crypto really does seem to be imploding. Went from $3 trillion to $1 trillion. Why should it stop at $1 trillion?” he said during his recent appearance on CNBC.
The “Mad Money” anchor claimed last week that cryptocurrencies had failed to work as an inflation hedge. Jim Cramer called digital assets “the last stronghold of speculation,” pointing out that they were performing even worse than stocks.
The CNBC personality praised the U.S. Federal Reserve for making strides in reducing inflation at the expense of high-risk investments like cryptocurrency. According to Cramer, the “immolation” of cryptocurrency is a component of the Fed’s win over inflation.
Jim Cramer described the cryptocurrency crash as the mother of all sorrows
He described the cryptocurrency crash as “the mother of all sorrows,” outperforming stocks even more so and referring to the latter as “the last refuge of speculation.”
According to data from CoinCu, the price of Bitcoin has fallen by a staggering 71.67% from its peak. The performance of Ethereum has been considerably worse, falling by roughly 80% since November.
Cramer forecasted last month that the largest cryptocurrency’s price will fall all the way to $12,000. Last month, he added that cryptocurrency shouldn’t be viewed as a secure investment.
However, the host of “Mad Money” still considers Bitcoin and Ethereum to be “real cryptocurrencies.” He warned his followers in January to use Dogecoin with extreme caution because he believes it to be an unregistered security.
“Be careful with Dogecoin,” Cramer tweeted, adding that it “is a security” and “is regulated.”
“We need to see how much DOGE is generated in total and how many coins are generated per day to generate revenue for the exchange.”
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