The US Federal Reserve (Fed) will continue the cycle of tightening monetary policy, which will lead to a “washout” of speculative assets like cryptocurrencies. This opinion was expressed by the former manager of the hedge fund Cramer & Co. and CNBC’s Mad Money host Jim Cramer.
“Listen, Fed chief [Джером] Powell told us that we should stop doing stupid things with our money. That was the essence of his performance on Friday,” he said.
Cramer said the Fed’s commitment to curbing inflation could bring “some pain” to American businesses and households. This will last until the authorities “put an end to gambling,” the host added.
By the latter, Kramer understands, among other things, cryptocurrencies. He noted that he no longer believes in the Bitcoin store of value argument. Among the speculative assets, the ex-manager of Cramer & Co. also included NFTs and unprofitable public companies.
Kramer later echoed the idea on Twitter:
“The Fed is telling you to sell cryptocurrencies, NFTs, IPO and SPACbefore they take your savings. No more nonsense!”
The Fed is telling you to sell the cryptos and the nfts and the ipos and the SPACs before they take your life’s savings. No more nonsense!!!
— Jim Cramer (@jimcramer) August 30, 2022
Recall that in July, Kramer noted the Fed’s progress in the fight against cryptocurrencies. In his opinion, digital assets do not protect investors from anything.
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