- An American author claims crypto desperately seeks to keep its momentum.
- Jim Cramer predicted XRP, DOGE, ADA, and MATIC declining to zero.
- Previously, a US senator said crypto is similar to the delusional claims of past financial scams.
In his latest stunt, Jim Cramer, a crypto critic and host of Mad Money on CNBC, argued that the crypto industry is desperately trying to keep things up, which he believes is similar to what happened with bad stocks during the dot-com bubble.
Cramer made the sweeping claim last Monday on the CNBC show, urging crypto investors to sell at a loss, that it is never too late. In his words:
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 an awful position, and that’s what you have if you own these so-called digital assets.
Furthermore, Cramer built his argument on the collapse of the FTX crypto exchange, which was worth $32 billion at its peak. He predicted that frontier crypto projects like Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC) would decline even more, possibly to zero.
Late last month, Elizabeth Warren, a senator of the United States, publicly declared it was time to ‘regulate crypto, or it’ll take down the economy.’ She believes crypto is no exception to the ‘dangerously delusional’ claims of the financial schemes that crumbled in the past 14 years.
In an earlier tweet, Ripple’s chief technology officer contended that unless preemptive tools deter asset managers from gambling with clients’ money, the fraud committed by the FTX exchange will happen again.
Schwartz further added:
If you hold billions of dollars of other people’s money for indefinite periods, the temptation to speculate with those funds is irresistible if there aren’t verifiable checks that make such risk-taking virtually impossible.
This year, retail and institutional web3 investors have lost over $60 billion to the collapse of significant projects such as Terra LUNA, FTX, Celsius, and Voyager.
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