The market has seen digital assets being hammered by the Federal Reserve’s interest rate rises, and the collapse of FTX, the world’s former second-largest cryptocurrency exchange, valued at $32 billion at its height, has brought the crypto industry under severe scrutiny and triggered rising losses.
Jim Cramer, presenter of the American financial news program Mad Money on CNBC, is well noted for his negative views on the cryptocurrency market. Cramer publicly criticized SOL, DOGE, and XRP as scams just a week ago.
He went on to say that he thinks even more obscure coins like XRP, DOGE, ADA, and MATIC will crash to 0 or near zero prices in the near future.
Cramer has also pointed out that the market value of Tether, a so-called stablecoin that is meant to be kind of anchored to the dollar, is still at a $65 billion market valuation, and that there is still a whole industry of crypto boosters trying frantically to keep all of these things up in the air, not unlike to what occurred with terrible stocks after the dotcom crash.
Cramer is Taking a Jab at XRP again
Cramer just does not like cryptocurrencies in general, but the cryptocurrency Ripple (XRP) seems to be the one he dislikes the most, and he has once again taken a dig at the coin. Regarding XRP, DOGE, and LTC, he said that he has not yet found anybody who accepts them as payment.
The media celebrity expressed his most recent thoughts on cryptocurrencies when appearing on an episode of CNBC Squawk Box only the day before. In this most recent interview, he made it quite plain that he thinks these cryptocurrencies are destined to be eradicated from existence.
“I think you should be negative on crypto. I’m negative on XRP, LTC, and DOGE because I haven’t been able to find anybody who really takes them. It’s like $80 billion worth of non-Bitcoin that’s destined to be wiped out.”
Cramer said that he is not especially gloomy about assets such as crude oil because he thinks that there will be a rebound when he was asked to provide his perspective on the current generally bearish mood.
It’s interesting to note that Cramer put his money into the top two digital currencies in 2020 when Bitcoin was priced at $12,000 a coin. A year later, when the price of the king cryptocurrency reached an all-time high near the level of $69,000 and the price of Ethereum also soared, he utilized the profit he made from BTC and ETH to purchase a farm and a boat.