The price of bitcoin (BTC) has rebounded in recent days, with the flagship crypto currently trading around $22,000. But Jim Cramer, who has been heavily critical of Bitcoin in recent weeks, is still unconvinced of the usefulness of the crypto. The former hedge fund manager continues to criticize the flagship crypto.
Cramer sticks to his stance on bitcoin (BTC)
Jim Cramer indicated that the recent rise in the price of BTC does not impress him. The co-presenter of the show ” Squawk on the Street on CNBC continues to argue that Bitcoin should be jumped ship. A month ago, the famous host explained that he would no longer touch crypto, after the collapse of FTX. CNBC did not fail to report Cramer’s remarks in a tweet posted on December 23, 2023.
Now the co-founder of financial news site TheStreet considers the recent bitcoin (BTC) rally an alarming event. According to a report from CNBC, Cramer argues that bitcoin is not a stable currency or store of value.
The host said: “ For years, these folks have told us that bitcoin is the perfect replacement for gold as an alternative asset. They said it was a great hedge against inflation […]but in reality, it was not a cover against anything “.
” I want you to take a look at this graph. […] This means it is a risky asset. Not a currency, not a stable store of value. Imagine business owners, trying to transact with shares of Facebook or Google Cramer added.
The famous animator argued that it would take “ignore the crypto cheerleaders now that bitcoin is bouncing back“. He emphasized:If you seriously want a real hedge against inflation or economic chaos, you should stick with gold.“.
Jim Cramer explained:Now that bitcoin has spent the past two weeks rebounding from its all time lows, the entire crypto industrial complex is back in full gear trying to keep people coming back. I think that would be a huge mistake for you“. He believes that bitcoin (BTC) has been propelled by a “legion of cheerleaders, even after the FTX debacle“. For the host, investing in the flagship crypto carries far too many risks.
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