Jim Cramer: The Sun Is Setting on Bitcoin

Owen Byrne / Flickr
Voyager
Voyager

Jim Cramer, the co-host of CNBC’s Squawk on the Street, believes that as Bitcoin (BTC) approaches 2018 lows, the potential for recovery is becoming far less likely.

While on air Tuesday, Cramer cited the current price action as an indicator against the potential for Bitcoin to return to new highs.

I think the tide has turned against it. I’m not saying its time has passed but there is a notion that the sun seems to be setting.

He even went as far as to call Bitcoin an “outlaw currency,” due to its potential nefarious use cases. However, recent studies by the U.S.¬†Drug Enforcement Administration¬†show that the ratio of legal to illegal Bitcoin activity has flipped so that now only 10% of all transactions on the blockchain are related to criminal activity.

These assertions come just two months after Cramer claimed that Bitcoin was putting pressure on bank stocks during a segment of Mad Money. Cramer came to this conclusion after reflecting on possible reasons why big banks failed to rally following the latest interest rate hike.

Bitcoin’s market dominance has spiked during the recent bear market and currently represents 56% of the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

More:¬†Cramer: The ‘tide has turned’ against bitcoin
Photo: Owen Byrne / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

 
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