- Jim Cramer advised investors that they still have time to liquidate their crypto holdings.
- XRP, ADA, Matic, and Doge are expected to decline much more, possibly to zero as per Cramer.
Jim Cramer, head of CNBC’s Mad Money, cautioned investors that they still had time to liquidate their cryptocurrency holdings. Cramer warned investors to liquidate their cryptocurrency holdings before it’s too late since he anticipates a market collapse in 2023. He continued by saying that it’s never too late to sell your cryptos and go while the prices are still high.
You can’t just beat yourself up and say, ‘hey, it’s too late to sell.’ The truth is, it’s never too late to sell an awful position. And that’s what you have if you own these so-called digital assets.
The names of popular cryptocurrencies that Cramer mentioned were there to imply that they might crash during the impending recession. He predicted that Ripple (XRP), Cardano (ADA), Polygon (Matic), and Dogecoin (Doge) would further decline and that they would eventually reach $0.
Cramer on FTX & SamBankman-Fried
The CNBC host also discussed FTX and SamBankman-Fried (SBF), the company’s co-founder and former CEO. The U.S. attorney doesn’t care a whit about intent, Cramer insisted, only if you broke the law. “You were careless, you didn’t keep records — unlawful — alright, so if you’re admitting to illegality, even though you believe that you had no intent,” Cramer emphasized.
On November 11, FTX filed for Chapter 11 bankruptcy, and Bankman-Fried resigned as CEO. Millions of investors and customers lost billions of dollars as a result of the exchange failure. The company is currently under investigation for improper handling of consumer money.