Advertisement
AD

Main navigation

Jim Cramer Pours Cold Water on Recent Bitcoin (BTC) Gains

Advertisement
Tue, 24/01/2023 - 6:23
A
A
A
Jim Cramer Pours Cold Water on Recent Bitcoin (BTC) Gains
Cover image via www.youtube.com
Read U.TODAY on
Google News

Despite the massive surge in Bitcoin this month, CNBC's Jim Cramer warned against entering the crypto space on Monday.

Advertisement

Referencing Carley Garner, senior commodity market strategist and broker at DeCarley Trading, Cramer cautioned investors to stay away from cryptocurrencies and instead opt for gold as a hedge against inflation or economic chaos.

Garner had looked at the daily chart of Bitcoin futures and the tech-heavy Nasdaq-100 going back to March 2021, citing that they are trading almost in lockstep. This indicates that Bitcoin is rather a risk asset, not a store of value.

Hence, Cramer sees the lustrous metal as a much better alternative compared to the world's largest cryptocurrency. 

Advertisement

The TV host also highlighted counterparty risks associated with the flagship cryptocurrency in light of the FTX drama.   

As reported by U.Today, Bernstein recorded a sharp rise as the result of  "reversion to the mean", an investing phenomenon that is observed when assets with prices that have deviated too far from their typical values tend to return back to their average price over time. By this logic, Bitcoin is priced higher right now because the cryptocurrency's value had declined significantly since its all-time highs in late December and January last year, creating an anomaly.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

A
A
A

Related articles

Advertisement
TopCryptoNewsinYourMailboxSubscribe
TopCryptoNewsinYourMailboxSubscribe
Advertisement
Advertisement
Subscribe to daily newsletter

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD