Jim Cramer, the anchor of CNBC, is once again advising investors to avoid crypto assets including Bitcoin (BTC) and instead invest in gold.
In a recent update, the host of Mad Money states that the current price increase of the digital asset with the largest market capitalization has not persuaded him of its authenticity.
“Since Bitcoin’s price has spent the previous two weeks rebounding off its lows, the crypto-industrial complex has been operating at full capacity to attract new investors. I believe that would be a grave error on your part.”
Cramer blames Bitcoin’s “legion of cheerleaders” for continuing to promote the industry after FTX’s high-profile failure and the subsequent spread of contagion to other big crypto businesses.
They assured us that Bitcoin will eventually replace gold as a safe haven investment for a long time. They claimed it to be an excellent hedge against inflation… While central banks were producing money like mad, there was no protection against anything.
Cramer claims that Bitcoin is a risky asset and not a currency or stable store of value based on the link between Bitcoin and the Nasdaq 100 Futures chart. He advises traders who want an inflation hedge to disregard Bitcoin maximalists and continue acquiring gold.
BTC is trading at $22,678 at the time of writing, a decrease of 1.16% over the last 24 hours but an increase of 38% from its 30-day low of $16,464.
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