Jim Cramer: The Sun Is Setting on Bitcoin
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.
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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.