Jim Cramer, CNBC’s Mad Money Host warned investors to not get caught up in the hype surrounding crypto despite Bitcoin’s BTC/USD recent gains. Instead, he recommended that investors look to gold.
What Happened: Cramer delved into the analysis presented by Garner, the senior commodity market strategist and broker at DeCarley Trading, to look at the daily chart of Bitcoin futures and the tech-heavy Nasdaq-100 since March 2021.
"The charts, as interpreted by Carley Garner, suggest you need to ignore the crypto cheerleaders now that bitcoin's bouncing. And if you seriously want a real hedge against inflation or economic chaos, she says you should stick with gold. And I agree," he said.
See More: Best Crypto Day Trading Strategies
Cramer pointed out that the prices of Bitcoin and other cryptocurrencies are almost trading in lockstep, indicating that rather than being a currency or a stable store of value, they're risky assets. He went on to say that it would be ridiculous for business owners to try and conduct transactions with shares of Facebook parent Meta Platforms Inc META or Google parent Alphabet Inc GOOG GOOGL, given their volatility and the same goes for Bitcoin.
Price Action: BTC was trading at $23,042 up 1.45% in the last 24 hours, according to Benzinga Pro.
Read Next: Bitcoin Hovers Near $23k, Ethereum, Dogecoin Fall Amid Gemini Job Cuts Report: Analyst Says 'A Lot Could Still Go Wrong'
Photo courtesy: Mad Money on Wikimedia Commons
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Get ready to uncover the secrets of decentralized finance and security in the crypto market with Crypto Unlocked , Benzinga's new virtual crypto event series. Don't miss out on this opportunity to learn from the experts and connect with fellow crypto enthusiasts — subscribe and turn on notifications for Crypto Unlocked on YouTube today !