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As cryptocurrencies continue their downward spiral or maintain their current low price ranges, more and more pessimism fills the projections of experts and pundits. This certainly seems to be the case with the lively TV personality and host of CNBC’s Mad Money, Jim Cramer.
In an interview on Squawk on the Street, Cramer conveyed his bleak outlook concerning Bitcoin. Cramer used several dreary images to portray the possible future of Bitcoin that leave not too much room for interpretation; for instance, he asserted that “the tide has turned against [Bitcoin],” and that “there is a notion that the sun seems to be setting” on the cryptocurrency. Cramer also related to the reports that Bitcoin is being utilized for criminal purposes and proclaimed that “this thing has really become like an outlaw currency,” no less.
Cramer expressed his confidence in the technology company, Nvidia, whose products are being used also for crypto mining – a field that is declining. “I happen to like Nvidia very much,” the TV host admitted. “They have a new chip out, and the chip is very, very fast; and I’m waiting for people to realize that Nvidia is not a play on crypto. I think that crypto is going to be very bad for them this quarter, but they’ve immunized that.”
To finish the interview with a bang, Cramer argued that the price of Bitcoin might go down to a range that the virual currency hadn’t seen since late 2016. “Maybe we get back to a level where it actually is, you know, maybe like $800.” That’s a pretty funny affirmation when considering that Cramer had stated a year ago that Bitcoin could reach $1 million when its price was merely $3,000, compared to today’s (August 15, 2018) $6,400.
Well, at least no one is panicking.