Back in early December, Jim Cramer, the host of CNBC’s Mad Money, had predicted that Bitcoin (BTC) was going to be annihilated for it was similar to ‘Monopoly Money’. He had also called Bitcoin suspicious for no one knew who Satoshi Nakamoto was. This was before the King of Crypto experienced its highest value of $20,000 a few days after his comments. His comments bashing BTC resulted in the digital asset doing wonderful gains in the market.
A few days later after BTC peaked at $20,000, Mr. Cramer once again predicted that Bitcoin would not replace Gold. He was quoted as saying the following:
“The jaw-dropping run in Bitcoin has been very exciting. But gold is not being supplanted by Bitcoin as the go-to alternative to actual currency.”
His comments were also wrong given the fact that during the ongoing crypto-market decline, many crypto-traders have found a safe haven with BTC. This then has led to the dominance of Bitcoin increasing from levels of 36% seen in May, to current levels of 53%.
He Was Wrong Before the Wallstreet crash of 2008
Going back further in time before the financial crisis of 2008, Jim Cramer had been quoted as saying that Bear Stearns was fine on his show – Mad Money. He is quoted as saying the following back in 2008:
“No! No! No! Bear Stearns is fine. Do not take your money out. Bear Stearns is not in trouble. If anything, they’re more likely to be taken over. Don’t move your money from Bear. That’s just being silly. Don’t be silly.”
Jim Cramer’s Most Recent Comments
Just yesterday, the 14th of August, Jim Cramer predicted that the Bitcoin will continue dropping in value because the tide had turned against BTC. He also stated that its price will level out around $800 – $1,000. Cramer made these statements on CNBC’s ‘Squawk on the Street’ where he said:
“This thing has really become like an outlaw currency…I think the tide has turned against it. I’m not saying its time has passed but there is a notion that the sun seems to be setting…Maybe we get back to a level…of $800 or a thousand”
Using the laws of probability, Cramer has on more occasions been wrong about Bitcoin than right. Therefore, his most recent comments can be used to predict that we are indeed headed for better times in the market. Perhaps even surpassing last year’s high of $20,000 per BTC.
Evidence of a potential market recovery can be seen with the increment of volume in the markets. The current total crypto market capitalization has gone back to levels above $200 Billion and looks set to regain levels of $250 Billion that were seen before the SEC announcement to postpone ruling on the Bitcoin ETF.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Blockchain technology outshines Bitcoin and Gold during global pandemic
As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.
However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world.
Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.
What is blockchain technology?
Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see.
Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).
Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…