American personality Jim Cramer shares his stance on Bitcoin
An American TV celebrity shared his experience and stated a controversial statement in the crypto industry.
Jim Cramer is a popular celebrity in America. Once he got into Bitcoin & Ether investment but later he saw a huge pump and dump in crypto space. In the latest interview with CNBC, Jim shared his experience and described that he was doing gambling.
According to Jim, the whole crypto space is based on the concept “greater fool theory”. And there can be millions of fools in the crypto market. Jim believes that one person can make money by buying at low and selling at a high price.
During the China crypto ban, the whole crypto market crashed with a gap. In that ban, Jim sold all his bitcoin holdings and now he is on Ethereum holdings.
Jim said that they have no type of love or attachments with Ethereum and said that he will sell all Ethereum at a high price.
“I don’t have any particular attachment to Ethereum and eventually I’ll ring the register on the rest of my position when I think it’s done going higher”
Jim also admitted that he believes that crypto assets are a hedge against inflation but still his activities in the crypto industry is not a part of it. And further Jim described himself as a gambler in crypto.
“I didn’t buy bitcoin or Ethereum as inflation insurance. In all honesty, I was gambling. I was simply gambling on crowd psychology, though, and I have no idea whatsoever why these things went up.”
The whole interview with Jim Cramer shows clearly that he is not educated in crypto trading. At Least he should follow the concept “buy at crash, sell at the pump”. Rather he believes that this market is fully based on speculation and doing trading is just like gambling through speculation.
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