CNBC's Jim Cramer, one of the most famous stock market commentators, has warned that American Bitcoin (ABTC) investors could potentially "lose everything."
"It's a spec. It's your one spec, as I say, in how to make money…But that could lose everything. Just so long as you know that, that's fine," Cramer told his audience during the latest episode of "Mad Money."
The mining firm is majority owned by Canadian miner Hut 8, which is also known as one of the largest corporate holders of the leading cryptocurrency.
The ABTC stock closed at $6.69, slipping by 4.29% amid a broader crypto market sell-off.
Last week, American Bitcoin appointed KPMG, one of the "Big Four" accounting firms, as its new independent auditor.
Crypto rally pauses
As reported by U.Today, Cramer recently stated that he would like the "endless rally of speculation," which includes crypto, to eventually take a breather.
Despite being initially mocked by the crypto community due to the contrarian nature of some of his predictions, Cramer's most recent call ended up being somewhat prescient.
Earlier today, the price of the leading coin slipped to a multi-week low of $108,787.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team