After the bear market of 2022, bitcoin (BTC) has recently been on the rise. If for investors, this is good news, for Jim Cramer it is necessary to be wary of it. Here’s what explains the recent rally in BTC and cryptos in general, according to the CNBC host.
Here’s what might be behind the recent rally in bitcoin (BTC)
A few days ago, Jim Cramer warned investors against the bitcoin (BTC) rally. He urged them to flee the flagship crypto now that it is on the rise. Now, the CNBC host claims that bitcoin is undergoing a upward price manipulation. In this context, he indicated that he would not invest in this token. He clarified that the recent surge in the market in general stems from price manipulation.
“I think crypto is being manipulated higher, I have no problem saying that», asserted animator.
Cramer believes, more than ever, that investors should be wary of entering the crypto space. But, the animator often had mixed positions compared to bitcoin. Indeed, he happens to be optimistic about this crypto and claim that it can protect against inflation. Sometimes he is rather skeptical of his long-term prospects.
Crypto is money created by idiots, says Cramer
Cramer has previously indicated that crypto is a system of “money creation by morons“. He added that LTC holders can be considered “idiots“. According to the host, the SEC of the United States should carry out serious investigations regarding the crypto market.
Separately, Cramer questioned the legitimacy of the largest crypto exchange. Indeed, he stated that Binance has “nono real legitimacy and no real substance behind it“. For the financial analyst, crypto is not regulated enough to be trusted.
The crypto sector has evolved a lot in recent years. It has been able to prove its usefulness in real life, in particular for the fight against certain scourges. However, it is still highly criticized by many skeptics. In addition, the recent collapses have managed to make consumers even more wary. Despite everything, crypto projects are flowing in and investors are not lacking!
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