Longtime CNBC host Jim Cramer claims that investors should get out of cryptocurrencies, non-fungible tokens, and special purpose acquisition companies (SPACs).
Cramer claims that these assets could potentially evaporate investors’ life savings.
On the most recent episode of his hit show “Mad Money,” Cramer admitted that he was wrong about cryptocurrencies.
“I think it’s time we start questioning the fundamentals of crypto,” Cramer says.
The famous stock picker also questioned whether CNBC should report on crypto at all. “We won’t even need to have these quoted on the side of the television screen anymore,” he said.
Cramer has admitted that he was wrong about crypto now that it has failed to perform as a store of value.
The veteran market analyst bought Bitcoin for the first time back in September 2020 after previously dismissing it. At the peak of the 2017 bull run, Cramer said that the launch of regulated futures would "kibosh" the world's largest cryptocurrency.
Cramer said that he finally decided to get into Bitcoin out of fear of massive inflation. He also described it as a "great alternative" to gold.
However, the CNBC host soared on crypto in 2022 due to its dismal performance. Last month, he called it "the last bastion of speculation," predicting that it would end up being immolated by the U.S. Federal Reserve.