Jim Cramer – the famed host of “Mad Money” on CNBC – has commented that bitcoin has no real use case, and he thinks the biggest digital currency by market cap will dry up faster than a riverbed.
Jim Cramer Thinks BTC Won’t Last Long
Is he right? His words come during a time when bitcoin appears to be picking up steam. The currency was depleted of all its resources and energy during 2022, which is arguably the most bearish year on record for bitcoin. During that time, the asset – which had risen to a new all-time high of about $68,000 per unit in November of 2021 – fell to the mid-$16K range roughly 12 months later, meaning the currency lost well over 70 percent of its value.
As a leader of the crypto space, the asset caused many other cryptocurrencies to shrivel up and nearly die along with it. As a result, these assets lost much of their value as well, and the crypto space – which began 2022 at over $3 trillion in value – dropped by more than $2 trillion just one year later. It was a sad and (very) ugly sight to see.
At the same time, it’s not like things like this haven’t happened before. Bitcoin has always been prone to volatility; that’s been its biggest problem. Despite its vulnerability to price swings, however, the currency has always managed to stay in the game. The asset has swung back and forth like a pendulum, always to wind up in a winning circle a few years (or sometimes just a few months) later, and 2023 is no exception.
What we’re seeing right now is probably not something to get hugely excited about. After all, bitcoin is still about 60 percent less than where it was 16 months ago when it first achieved its $60K+ high. However, 2023 is proving to everyone that the currency knows what to do to heal itself.
The asset – which took a major beating, probably more major than anyone could have anticipated – is once again rising through the ranks and is, at press time, trading for just shy of $28,000. This means the currency has nearly doubled where it was at the end of December last year… All within four months.
This Guy Promoted Silicon Valley Bank, After All
Cramer has predicted the death of bitcoin before, but the asset – 15 years after it was initially discussed online – is still alive and trying to do its best for investors and traders around the world. Cramer is also questionable considering he was one of the main advocates for Silicon Valley Bank stock, an institution that recently lost its life during America’s present banking crisis.
So clearly, Cramer isn’t always right, and his words – along with everyone else’s – need to be taken with a strong grain of salt.
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- Source: https://www.livebitcoinnews.com/jim-cramer-says-btc-will-shrivel-up-and-die-soon/
