Jim Cramer hosts Mad Money and advises investors to stay away from cryptocurrency and other speculation investments. “Don’t get memed. Don’t get SPAC’d. Don’t get crypto’d,” Cramer stressed, warning of “a giant washout of all things that are speculative.”
Jim Cramer warns crypto-sceptics
The host of CNBC’s Mad Money show, Jim Cramer, offered some advice Tuesday regarding what to invest in the current market condition. Cramer was an ex-hedge fund manager and co-founded Thestreet.com. This financial news website provides information for investors.
Mad Money’s host, John Mad Money, has advised investors not to invest in speculative assets such as cryptocurrencies. These investments are likely to fail as long as the Federal Reserve maintains its aggressive stance against inflation, he warned.
“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,” Cramer said, referring to Powell’s speech in Jackson Hole, Wyoming. The central banker warned that the Fed’s battle against inflation will bring “some pain.”
Cramer explained that the Federal Reserve is “going to bring the pain until it puts an end to the gambling.” Referencing Powell’s speech, the Mad Money host asserted:
Of course, he’ll also hurt some good investments in the process … but we won’t see the end of this decline until we get a giant washout of all things that are speculative.
Cramer added that cryptos are included in this list, as well as other speculative investments that investors should steer clear of. He also mentioned that money-losing businesses that go public via special purpose acquisitions companies (SPACs), and meme stocks are two examples.
On Tuesday, he tweeted that the Federal Reserve was telling people to sell cryptos, non-fungible tokens and initial public offerings. “No more nonsense,” he exclaimed.
“What matters is that we just have to get through it intact. Don’t get memed. Don’t get SPAC’d. Don’t get crypto’d. And you’ll get through this thicket and find yourself in a much better time when we are sufficiently oversold for a huge bounce,” Cramer described.
Further comments from the Mad Money host:
When the Fed takes serious steps, this is how it appears.
In July, Cramer said that the immolation of crypto showed that the Fed’s job to tame inflation is almost complete. In June, Cramer stated that bitcoin will be selling at $12,000. The cryptocurrency trades at $20,241 as of the writing.
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