Famous American TV personality and host of Mad Money, Jim Cramer expressed his slightly changed views on cryptocurrencies. He pointed out several altcoins and warned people to stay away from them. While describing the reasons, he admitted he was among the people who praised them earlier but now he urges people to be careful with their crypto investments.
Cramer was speaking at a recent segment of his show and he asked to raise questions about the relevance and basics of cryptocurrency once again. He said that undoubtedly crypto made an impressive lift off just like the dot com startups. They were proposed as assets with a store of value and were touted as real objects with actual value and they are to stay here for long.
Mad Money’s host argued that he believed this notion until he saw many of these crypto assets go out of business. He explained that just because people including him made money out of it initially does not make them real. He admitted he was fortunate to earn profits from crypto but he was wrong about it. Other crypto promoters should also bring this fact to people openly, he added.
While talking about crypto investments, Cramer mentioned some cryptocurrencies including top memecurrencies Shiba Inu (SHIB) and Dogecoin (DOGE), Polkadot (DOT), Cosmos (ATOM), Avalanche (AVAX), and Uniswap (UNI), etc. he added that just because the term blockchain is added to these entities does not make them worth investing. They could become the reason for separating inventors’ money from them, he said.
Recently, the International Monetary Fund (IMF) also released a report talking about crypto, while rejecting its use as currency. The report noted that undoubtedly crypto brought various technological advancements in the transaction system yet it lacks many crucial factors. It further added that crypto not only has flaws but has an overall structural flaw.
Source: https://www.thecoinrepublic.com/2022/09/06/jim-cramer-on-cryptocurrencies-during-his-show/