Bitcoin is not hedge against anything, says Jim Cramer

The CNBC host Jim Cramer again criticised Bitcoin & Bitcoin supporters, as bitcoin has been pumping for two weeks.

Jim Cramer is a popular host on CNBC media and he is known to give reports on financial activities in the world. Cramer is a former Crypto trader and he believes that Crypto assets are fully speculative assets & people should not hold them for the long term because these are highly volatile which may result in a very big financial loss.

Recently during the CNBC Mad Money show, Jim Cramer said that in recent weeks, Bitcoin has pumped rapidly and now all the crypto companies & Bitcoin proponents will gear to suggest you purchase Bitcoin, which will not be a good idea for you.

“Now that Bitcoin has spent the last couple of weeks bouncing off its lows, the whole crypto-industrial complex is back in full gear, trying to entice people back in. I think that would be a huge mistake for you,” the CNBC host said.

Cramer criticised all the Crypto supporters, who are cheering up Bitcoin prices despite the Crypto market faced a very big incident a month ago, where FTX like big crypto companies filed for bankruptcy.

Further CNBC host said that Bitcoin proponents are continuously supporting Bitcoin by claiming that Bitcoin is the best hedge against inflation but in reality, Bitcoin is not a hedge against anything.

“People told us that Bitcoin was the perfect replacement for gold as an alternative asset…(..)..while central banks were printing money like crazy, but in reality, it wasn’t a hedge against anything.”

BTC price action

The current trade price of Bitcoin is $23,043 and this price is 36.4% high over the last 30 days of trade price.

Just a day ago, a Goldman Sachs report ranked Bitcoin as a best-performing asset of this year in its report, despite it being down by 64% over its all-time high.

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