Another Day, and Another Observer Calls Bitcoin a Bubble
Jim Cramer, an infamous stock market picker on CNBC, put in his two cents about Bitcoin on Tuesday, and it wasn’t good. He joined other naysayers in saying that it was a bubble. Here’s some of what he said on his “Mad Money” show.
Hungry traders
Cramer has said that Bitcoin is a short-term way to be able to deal with cybersecurity. He called the crypto wildly popular and:
“…used by traders hungry for its rapid-fire gains and by companies to pay off hackers using ransomware.”
Back in June, he made a similar comment, when Bitcoin’s price was just above $3,000. Then Cramer said.
"I think it could be because the European banks are frantically trying to buy them so they can pay off ransomware. It's a short-term way to be able to deal with cybersecurity. It is the way to pay off the bad guys."
Wealthy people
In another comment, he seemed more partial to Bitcoin, saying:
“In the meantime, wealthy citizens in Venezuela, Zimbabwe and Brazil are purchasing bitcoin as a way to get money securely away from the failing regimes.”
Stocks versus Bitcoin analogy
In calling Bitcoin a bubble, Cramer noted its recent record highs above $8,000. He said what irritates him most is that he sees plenty of bubbles out there, but the stock market is not one of them, referring its soaring to record highs, just like Bitcoin has.
“So you have this currency that's been bid up to $8,000 by people anxious to move their money without government scrutiny for whatever reason. A year ago, one bitcoin was worth $750. You mean to tell me that's not a bubble? You think that's a safe place, a reasonable approximation of value versus the stock market?"
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