- 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.
Read CRYPTONEWSLAND on
google news
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.”
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
