Millionaire investor and CNBC “Mad Money” talk show host Jim Cramer has reiterated his bearish statement on crypto once again. This time, the television personality is urging investors to sell their crypto holdings before it is too late.
Cramer Urges Investors to Sell Their Crypto
In a recent episode of CNBC’s “Mad Money,” the TV personality told investors that they should offload their crypto holdings while there is still time to exit the market as he believes digital assets could decline further next year.
“You can’t just beat yourself up and say, ‘hey, it’s too late to sell.’ The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets,” he said.
The crypto sector has witnessed major turmoil since the beginning of this year, with prices of top crypto assets dropping to their multi-year lows. This was triggered by the failure of some crypto projects such as Terra and FTX and further worsened by Federal Reserve’s continued interest rate hikes.
Cramer, who had previously advised investors to avoid crypto assets and other speculative investments as the Fed continues its hawkish stance, reiterated his statement today, adding that investors should not be “fooled by some coins’ inflated market capitalization.”
Cramer Expects XRP, ADA, and Others to Crash
The Mad Money host added that he expects crypto assets such as Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC) to plunge further, possibly to zero soon.
He also aimed stablecoins during the show. He said Tether’s USDT could suffer a similar fate as TerraUSD (UST), which dramatically lost its $1 dollar peg and crashed to zero in mid-May.
“Tether, a so-called stablecoin that’s supposed to be kinda-sorta pegged to the dollar, still has a $65 billion market cap. There’s still a whole industry of crypto boosters trying desperately to keep all of these things up in the air — not too different from what happened with bad stocks during the dotcom collapse,” he said.
