- This week Jim Cramer warned about cryptocurrency.
- The crypto-verse has attracted a lot of critics.
- Three consecutive periods have seen a decline on Wall Street.
Jim Cramer of CNBC urged investors earlier on Tuesday to stay away from speculative assets like cryptocurrencies, warning that they would face continued difficulty during the current Federal Reserve tightening cycle.
Since its inception, the crypto-verse has garnered a large number of detractors. Numerous government representatives discussed how Bitcoin [BTC] was the dark web’s currency. But as time went on, it became clear that BTC was much more than just a symbol of the shadowy internet. While some remained skeptical, other people warmed up to the industry.
Jim Cramer, the Mad Money host on CNBC, has spoken out frequently about his love-hate relationship with cryptocurrency. Cramer drew attention to the latter and warned the public to steer clear of speculative assets like cryptocurrency.
“Look, Fed chief Jay Powell told us that we need to stop doing stupid things with our money. That was the thrust of his speech on Friday,” the presenter of “Mad Money” said, alluding to Powell’s Jackson Hole speech, in which he cautioned that the Fed’s commitment to fighting inflation might cause “some pain” to American businesses and people.
As traders processed Powell’s Friday morning remarks, reports have been updated to show that Wall Street has experienced a decline for three straight periods.
Powell is “going to bring the pain until it puts an end to the gaming,” according to Cramer “He will undoubtedly harm some worthwhile assets in the process, too. But until there is a massive washout of all speculative assets, this slump won’t finish.”
