Jim Cramer urges traders to sell their crypto and wash hands off of speculative assets

Jim Cramer has warned traders to stay away from crypto as speculative assets could separate them from their money. The Mad Money host is popular in the crypto community for his love and hate relationship with Bitcoin and digital assets. 

Also read: Wall Street believes Bitcoin price hit its bottom after key move by US Federal Reserve

Why Jim Cramer advises traders to stay away from Bitcoin

Jim Cramer, host of CNBC’s Mad Money, has frequently commented on Bitcoin and cryptocurrencies. Most recently, Cramer advised the crypto community to steer clear of speculative investments like cryptocurrencies. 

Bitcoin and cryptocurrencies have been considered speculative since their inception, however, their utility and adoption in the dark web and money laundering have raised concerns among authorities. Some influencers like Cramer remain skeptical about crypto investments, while this asset class draws a lot of criticism. Numerous government agencies and regulators have commented on Bitcoin and cryptocurrency’s links with money laundering. 

Cramer believes Bitcoin and cryptocurrencies are a way for investors to separate from their money. While Cramer remained focused on cryptocurrencies, he made it clear that his statements are not just limited to digital assets. Investors need to be cautious of businesses that went public through meme stocks or special purpose acquisition companies (SPAC). 

Cramer was quoted as saying, 

What matters is that we just have to get through it intact. Don’t get memed. Don’t get SPAC’d. Don’t get crypto’d. And you’ll get through this thicket and find yourself in a much better time when we are sufficiently oversold for a huge bounce.

In contrast to Cramer’s critique and advice for investors to stay away from crypto, Bitcoin price yielded nearly 3% gains and sustained above the $20,000 level. 

Tech giants bet on Bitcoin, pour capital into digital asset platforms

GoTo, an Indonesian tech giant, acquired 100% of the local cryptocurrency exchange PT Kripto Maksima Koin. Reuters reported that GoTo’s acquisition of the crypto exchange was a part of the tech giant’s objective to become a “diverse money management hub.”

While influencers warn retail investors to stay away from Bitcoin and cryptocurrencies, tech giants are pouring capital into the industry. This could imply there is a bullish outlook among institutions in the current cycle.