- Jim Cramer, host of Mad Money on CNBC, urged crypto investors to sell their holdings before the upcoming collapse in 2023.
- Cramer believes XRP, Cardano, MATIC and Dogecoin are primed for further decline and could go to $0.
- Cramer warned investors against staying in speculative assets while the US Federal Reserve tightens monetary policy.
Jim Cramer is an American TV personality and host of the Mad Money show on CNBC. Cramer urged investors on December 5 to sell their crypto holdings before it is too late. The millionaire believes top cryptocurrencies like Ripple (XRP), Cardano (ADA), Polygon (MATIC) and Dogecoin (DOGE) could collapse to $0 soon.
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Jim Cramer warned crypto traders against holding cryptocurrencies
Jim Cramer, an American TV personality with a net worth of $150 million is the host of CNBC’s show Mad Money. Cramer advised investors to sell their crypto holdings while there is time to exit the market. The millionaire believes that markets could plunge in 2023 and digital assets could plummet to $0.
Cramer was quoted as saying:
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.
Cramer told investors that it’s never too late to sell cryptocurrencies and jump ship while prices are still considered high. Cramer’s take is that speculative assets could decline as the US Federal Reserve continues tightening its monetary policy.
Tightening of monetary policy is implemented when the central bank is fighting rising inflation. When monetary policy is tightened, interest rates are increased by the central bank and money supply is reduced. Investors pull out of risk assets like Bitcoin and altcoins in response to the Fed’s measures.
XRP, Cardano, MATIC and Dogecoin could go to $0 according to Cramer
Cramer named cryptocurrencies like XRP, Cardano, MATIC and Dogecoin and said they could plummet to $0 in the upcoming recession. The Mad Money host warned investors against staying in speculative assets, and said that investors shouldn’t be fooled by some coins’ inflated market capitalization.
Cramer criticized Tether (USDT), a stablecoin with a market capitalization of 65.57 billion. The millionaire TV personality said,
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 dot-com collapse.