- Growing debt problem
- Crypto community’s reaction
CNBC anchor Jim Cramer recently took to the X social media network to recommend that his followers buy cryptocurrencies.
This piece of advice has been shared next to a photo of the National Debt Clock, which displays the total U.S. national debt. The humongous sum, which shows the total amount of money that the U.S. owes to creditors, currently stands at $37.6 trillion.
Growing debt problem
The money borrowed with the help of Treasury securities is used for funding Social Security, Medicare/Medicaid, as well as defense, education and other types of discretionary spending.
Fiscal hawks have always sounded the alarm over the ballooning U.S. debt, which both major political parties have failed to address properly.
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With its limited supply and decentralization, Bitcoin is often seen as the solution to growing debt, inflation and other issues that are plaguing the legacy financial system.
Cramer, who initially jumped on the Bitcoin train back in 2020, now also seemingly sees crypto as the solution.
However, it is worth noting that the pundit’s most recent post comes shortly after he complained of excessive froth on the crypto market, claiming that he would like to see a pause in the “endless rally.”
Crypto community’s reaction
Cramer tends to be a rather polarizing figure within the crypto community (and the broader investment community) due to his fame as well as some of his infamous market calls.
His latest cryptocurrency-related post has inevitably attracted plenty of reactions within the community. Some users chose to respond with stale and low-effort jokes about Cramer being a contrarian indicator. Others disputed the notion that crypto can potentially serve as a hedge against inflation.
Meanwhile, former Strategy CEO Michael Saylor, in his usual fashion, has urged Cramer to focus on Bitcoin.