Jim Kramer: FRS gave investors a signal to abandon cryptocurrencies
The US Federal Reserve (Fed) will continue the cycle of tightening monetary policy, which will lead to “leaching” of speculative assets like cryptocurrencies. This opinion was expressed by the ex-manager of the Cramer Head Fund & Co. and host of the Mad Money show on the CNBC channel Jim Kramer.
“Listen, the head of the Fed [Jerom] Powell told us that we should stop making nonsense with our money. This was the essence of his speech on Friday, ”he said.
According to Kramer, Federal Reserve Adherence to Inflation can bring “some pain” to American enterprises and households. This will last until the authorities “put an end to gambling”, the presenter added.
By the latter, Kramer understands, including cryptocurrencies. He noted that he no longer believes in the argument about Bitcoin as a means of savings. Among the speculative assets ex-controller Cramer & Co. also included NFT and unprofitable public companies.
Kramer later repeated this thought on Twitter:
“The Fed tells you to sell cryptocurrencies, NFT, IPO and Spac before they take your savings. No more nonsense!””.
The Fed Is Telling You to Sell the Cryptos and the Nfts and the iPos and the Spacs Before They Your Life’s Savings. No more nonsense.
– Jim Cramer (@jimcramer) August 30, 2022
Recall that in July Kramer noted the progress of the Fed in the fight against cryptocurrencies. In his opinion, digital assets do not protect investors from anything.
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