CNBC host Jim Cramer has once again warned investors to stay away from crypto and Bitcoin (BTC) and opt for gold.
In a new update, the Mad Money host says the top digital asset by market cap’s latest price bounce has not convinced him of its legitimacy.
“Now that Bitcoin has bounced back from its lows over the past few weeks, the entire crypto industrial complex is back in full swing and trying to pull people back.
Cramer criticizes Bitcoin’s “hordes of cheerleaders” for continuing to support the sector after FTX’s high-profile collapse and its repercussions spilled over to other high-profile cryptocurrency firms. .
“For years, these people have told us that bitcoin is a perfect replacement for gold as an alternative asset. We said it was a good hedge against inflation, but in reality it wasn’t a hedge at all.”
Noting Bitcoin’s high correlation with the Nasdaq 100 futures chart, Cramer argues that Bitcoin is a risk asset, not a type of currency or a stable store of value. He encourages traders who want a hedge against inflation to ignore Bitcoin maximalists and continue to buy gold.
BTC is trading at $22,678 at the time of writing, down 1.16% over the past 24 hours but up 38% from its 30-day low of $16,464.
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