Jim Cramer Tells Investors to “Ignore Crypto Cheerleaders”

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Jim Cramer, CNBCs Mad Money Host warned investors not to get caught up in the hype surrounding crypto despite recent Bitcoin BTC/USD gains. Instead, he recommended investors turn to gold.

What happened: Cramer leaned into the analysis presented by Garner, the senior commodity market strategist and broker at DeCarley Trading, to examine the daily chart of Bitcoin futures and the Nasdaq-100 high-tech since March 2021.

“The charts, as interpreted by Carley Garner, suggest you should ignore the crypto cheerleaders now that bitcoin is bouncing back. And if you’re serious about a real hedge against inflation or economic chaos, she says that you should stick to gold. And I agree.” he said.

See more: Best Crypto Day Trading Strategies

Cramer pointed out that the prices of Bitcoin and other cryptocurrencies are trading at almost the same rate, indicating that instead of being a stable currency or store of value, they are risky assets. He went on to say that it would be ridiculous for business owners to try to trade with shares of Facebookparent Meta Platforms IncMETA or Googleparent Alphabet Inc GOOG GOOGL given their volatility and the same goes for Bitcoin.

Price Action: BTC was trading at $23,042 up 1.45% in the past 24 hours, according to Benzinga Pro.

Read Next: Bitcoin Soars Near $23,000, Ethereum, Dogecoin Fall Amid Gemini Report Job Cuts: Analyst Says ‘A Lot Could Still Go Wrong’

Photo courtesy: Mad Money at Wikimedia Commons

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