During a recent episode of "Mad Money," longtime CNBC host Jim Cramer said that he expected altcoins of the likes of XRP, Cardano and Dogecoin to possibly collapse to zero.
The superstar TV host has warned investors that it is not too late to dump their cryptocurrency holdings despite declining cryptocurrency prices.
The stockpicker believes that the top cryptocurrencies are still severely overvalued, which is why those who continue to hold them found themselves in an "awful position."
The longtime "Mad Money" host also took aim at Tether (USDT), the world's largest stablecoin, questioning the company's USDT reserve backing. Cramer says that crypto enthusiasts are desperately attempting to keep things "up in the air," comparing the current state of the crypto industry to the dot-com bubble.
Even though cryptocurrency boosters tend to scoff at Cramer's statements, he accurately predicted that cryptocurrencies had more room to fall in June. Back then, his bearish thesis revolved around the idea that the Federal Reserve was going to immolate crypto with interest rate hikes.
Following the collapse of the FTX exchange, the outlook for crypto has become even more dire despite the fact that inflation appears to have peaked.
Still, Bitcoin is yet to drop to Cramer's bearish target of $12,000. The largest cryptocurrency is currently trading slightly above the $17,000 level after dropping to a multi-year low of $15,479 on Nov. 21.
As reported by U.Today, Eric Robertsen, the head strategist of Standard Chartered, recently predicted that Bitcoin could plunge to $5,000 in 2023.