Jim Cramer tells investors to ‘ignore crypto cheerleaders’

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

What Happened: Cramer dived into the analysis presented by Garner, a senior commodity market strategist and broker at DeCarley Trading, to look at the daily chart of Bitcoin futures and the Nasdaq-100-heavyweight since March 2021.

“The charts, as interpreted by Carley Garner, suggest that you need to ignore the crypto euphoria now that bitcoin is booming. And if you really want a real hedge against inflation or financial chaos , she said you should put gold on it. And I agree,” he said.

See more: Best Crypto Day Trading Strategies

Cramer pointed out that the price of Bitcoin and other cryptocurrencies are almost trading in lockstep, which shows that instead of being a currency or a store of value, they are a risky asset. He went on to say that it would be ridiculous for business owners to try and make stock transactions with Facebook parent Meta Platforms Inc META or Google parent Alphabet Inc GOOG GOOGL, given their volatility and Bitcoin as well.

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

Read Next: Bitcoin Hovers Near $23k, Ethereum, Dogecoin Fall Amid Gemini Jobs Cut Report: Analyst Says ‘A Lot Could Still Go Wrong’

Image Credit: Crazy Money Wikimedia Commons

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved

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