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Jim Cramer Places Bet on Cryptocurrencies, Warns About "Losing Money Every Year"

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Fri, 7/10/2022 - 14:13
Jim Cramer Places Bet on Cryptocurrencies, Warns About "Losing Money Every Year"
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CNBC's Jim Cramer is maintaining his stance on cryptocurrencies. The CNBC Mad Money host warned in August that speculative assets like cryptocurrencies might struggle during the current Federal Reserve tightening cycle and urged investors to steer clear of them.

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He also stated that he no longer believed in the argument that Bitcoin is a store of value. According to Cramer, the warning is necessary because Federal Reserve Chairman Jerome Powell "is going to bring the pain until it puts an end to the gambling."

Cramer, a well-known host of CNBC's Mad Money, frequently offers advice and forecasts for the cryptocurrency and stock communities. Most people follow his counsel as an inverse bet because similar predictions have been missed numerous times.

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In a recent tweet, Cramer urges betting against him when it comes to cryptocurrency. "You do not do this for 42 years and lose money every year," he adds.

Before now, Cramer has shown an interest in cryptocurrencies. When Bitcoin was trading for $12,000 in 2020, he invested a substantial sum of money in it. When its price reached $64,000 in 2021, he utilized the proceeds made from sales.

In his tweet, Cramer disclosed that he used his Bitcoin winnings to purchase a farm and bought a boat with Ethereum.

Bitcoin, USDT now accepted at McDonald's in Lugano

Despite the market being in a gloomy state since 2022, more people are using cryptocurrencies as payment methods. In the Swiss city of Lugano, the multinational fast food giant McDonald's began to accept Bitcoin (BTC) and Tether USDT as payment options.

El Salvador became the first nation in the world to accept Bitcoin as legal tender in September 2021. Since then, all 19 McDonald's locations around the nation accept Bitcoin.

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