Cryptocurrencies Are Not Worth Investing In!
Jim Cramer, the host of CNBC’s Mad Money, has warned investors not to get caught up in the hype surrounding cryptocurrencies despite Bitcoin’s recent gains. Instead, he recommends investors turn to gold. Cramer relied on analysis presented by Garner, the senior commodity market strategist and broker at DeCarley Trading, to look at the daily chart of Bitcoin futures and the tech-heavy Nasdaq-100 since March 2021.
“As Carley Garner explained, these charts show that now that Bitcoin is rallying, you need to ignore the crypto cheerleaders. If you really want a real hedge against inflation or economic chaos, she said you should stick with gold. And I agree,” he said. Cramer noted that the prices of bitcoin and other cryptocurrencies are almost trading in lockstep, suggesting they are risky assets rather than currencies or stable stores of value.
Source: The Pipsafe Team – Cryptocurrencies Are Not Worth Investing In!
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