The U.S. Federal Reserve (the Fed) will continue its cycle of tightening monetary policy, a view voiced by Jim Cramer, the former manager of the Cramer & Co hedge fund and host of Mad Money on CNBC.
“Listen, Fed Chair [Jerome] Powell told us that we must stop doing stupid things with our money. That was the gist of his speech on Friday,” he said.
According to Cramer, the Fed’s commitment to curb inflation could bring “some pain” to American businesses and households. This will last until authorities “put an end to gambling,” the host added.
Among the assets Cramer now includes cryptocurrencies. He noted that he no longer believes the argument for Bitcoin as a store of value. The former Cramer & Co. manager also included NFT and unprofitable public companies in the list of speculative assets.
Later, Cramer reiterated this thought on Twitter:
“The Fed is telling you to sell the cryptos and the NFTs and the IPO and the SPAC, before they take your life’s 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
In July, Cramer noted the Fed’s progress in the fight against cryptocurrencies. In his view, digital assets do not protect investors from anything.
Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analysis.