Experts present Doom scenarios for Bitcoin, ADA, XRP, DOGE
Notorious CNBC host Jim Cramer has once again made controversial predictions for Bitcoin and the crypto market in the latest episode of his “Mad Money” show. Cramer has made a name for himself on the crypto scene in recent years, but possibly to the extent he wanted to.
Cramer’s mixed track record in cryptoanalysis led to the creation of the “Inverse Cramer ETF,” a fictitious exchange-traded fund that recommends the opposite of everything Cramer says.
Good news for crypto! pic.twitter.com/uKJznTn1Pr
— Inverse Cramer ETF (not Jim Cramer) (@CramerTracker) 6 December 2022
Consequently, the crypto scene lends little credibility to the host’s predictions. Still, Cramer isn’t always wrong. In June, for example, he predicted that cryptocurrencies would continue to fall. He based this on the actions of the Federal Reserve.
Cardano, XRP and Dogecoin Heading to Zero?
In the latest episode, the Mad Money host said that investors still have time to sell their crypto holdings. According to Cramer, markets will continue to crash in 2023, so crypto investors should sell “before it’s too late.”
“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 a terrible position. And that’s what you have if you own these so-called digital assets,” Cramer said.
In particular, Cramer predicted that Cardano (ADA), XRP, Polygon (MATIC) and Dogecoin (DOGE) could crash to zero. According to him, these cryptocurrencies are still highly overvalued, so those holding them should sell them.
BREAKING: Goldman Sachs spokesperson Jim Cramer urges investors to exit crypto, says it’s never too late to sell. Jim is mean and dishonest. This is good news for Bitcoin. pic.twitter.com/YdSWi54OHV
— Gill Bates (@GillBatesVax) 6 December 2022
But his account with crypto did not end there. The moderator made serious accusations against Tether (USDT).
According to Cramer, the largest stablecoin in the crypto market could face a fate similar to Luna’s TerraUST, which fell to zero in three days in May of this year.
Tether, a so-called stablecoin that is meant to be somehow tied to the dollar, still has a market cap of $65 billion.
There is still an entire industry of crypto boosters trying desperately to keep all these things in the air. Not so different from what happened to bad stocks during the dot-com collapse.
Remarkably, Cramer’s Bitcoin bear market low of $12,000, which he predicted in previous broadcasts, is still some way off.
Peter Schiff Shares Bitcoin $5,000 Prediction
However, Cramer is not the only Bitcoin critic spreading doom and gloom. Gold bug Peter Schiff has shared an assessment by Standard Chartered that Bitcoin remains overvalued at its current price of around $17,000.
According to the outspoken Bitcoin critic and multinational bank, BTC is at risk of another 70% crash in 2023. Standard Chartered claims Bitcoin could fall to $5,000 next year.
In a note entitled “The financial-market surprises of 2023”, Standard Chartered states that a negative surprise could be Bitcoin falling to USD 5,000 next year.
Rising returns along with a decline in tech stocks will lead to an acceleration of Bitcoin sales and cause more bankruptcies in the crypto world, according to the bank.
Goldman Sachs buys up the FTX mess
However, despite all the dystopian predictions, there is also extremely bullish news today. As Reuters reports, Goldman Sachs is looking for cheap crypto companies after the FTX collapse and plans to spend tens of millions of dollars buying or investing in crypto companies.
Regardless of how the Bitcoin scene views this on ideological grounds, this should be a strong catalyst for the maturation and progress of the institutional sector.
At press time, Bitcoin was trading at $16,967 and has been losing it is volatility again.
