On Monday, famous CNBC host Jim Cramer warned that investors should stay away from cryptocurrencies.
He detailed a chart interpreted by Carley Garner, suggesting the need to ignore the crypto cheerleaders now that bitcoin’s bouncing.
Furthermore, Cramer added, “we're serious about real hedges against inflation and economic turmoil”. “Stick with the money, she says...and I agree.”
However, it is to be noted that Jim Cramer is well-known for the inverse Cramer effect which means that something he predicts the opposite happens to it.
Jim said one can own Bitcoin directly in a decentralized wallet. This protects investors from counterparty risk but puts risk back on the table if one uses it for something else.
Furthermore, Cramer suggested that investors should look to gold rather than Bitcoin.
At the press time, the BTC price is $23,124 and is up by 9.31% in 7 days.