Jim Cramer Warns Investors to Sell Dogecoin, XRP and Cardano
There has been a lot of criticism directed towards the cryptoverse. Initially, government representatives had considered Bitcoin to be the currency of the dark web.
This was because it was primarily used for criminal activities. However, over time, it became apparent that Bitcoin had a lot of potential and it was not just a tool for criminal.
Some people have continued to remain skeptical of the crypto industry, but others have warmed up to it in the interim.
No crypto investment
The host of ‘Mad Money’ on CNBC, Jim Cramer has talked about the love-hate relationship that he has with cryptocurrencies.
On August 31st, he had advised all investors to steer clear of assets, which included cryptocurrencies. More recently, he had discussed the topic on December 6th.
Speaking on CNBC, Cramer said that anyone who had investment in the crypto market should sell it right away.
He was talking about putting up the prices of various currencies on display on CBDC and that is when the host decided to share his two cents about cryptocurrencies in general.
He specifically mentioned cryptocurrencies named Dogecoin, Solana, Cardano and XRP and said that he believes all of them are nothing but cons.
He stated that they do not put up stocks that are of the same size either and they should not do the same with these cryptocurrencies.
Time to sell
The CNBC host further added that people should immediately unload their crypto positions, especially where these coins are concerned.
According to the television personality, there is still time for investors to sell their holdings and they should not let themselves fooled by the market caps of crypto assets.
He stated that it is never too late for investors to sell off a bad position and this is what they have to do with these digital assets as well.
Cramer specifically talked about XRP, the memecoinDogecoin (DOGE), the smart platform Cardano (ADA) and also the blockchain scaling token Polygon (MATIC).
He said that the prices of these tokens could plummet even more and there is a possibility that they could down all the way to zero.
Issues with Tether
The television host was also suspicious of the largest stablecoin in the market i.e. Tether (USDT). He said that it was supposed to be pegged to the dollar, but its market capitalization is still $65 billion.
He added that crypto boosters were just trying to keep everything in the air by any means necessary and this was the same thing that had been done with bad stocks at the time of the dot-com collapse.
At the time of writing, Tether had a price of $1, even though its value had dropped in early November to $0.978 when the FTX crypto exchange collapsed and wreaked havoc throughout the market.
