• Jim Cramer has predicted that the biggest digital currency by market cap, bitcoin, will shrivel up and die soon.
• Bitcoin was depleted of all its resources during 2022, losing over 70% of its value due to volatility.
• Despite this vulnerability, bitcoin is still alive and trading for nearly $28,000 – a nearly 100% increase from December 2020.
Jim Cramer’s Opinion on BTC
Jim Cramer – the famed host of “Mad Money” on CNBC – has commented that bitcoin has no real use case, and he thinks the biggest digital currency by market cap will dry up faster than a riverbed.
BTC’s Bearish Year in 2022
Bitcoin was depleted of all its resources and energy during 2022, which is arguably the most bearish year on record for bitcoin. During that time, the asset – which had risen to a new all-time high of about $68,000 per unit in November of 2021 – fell to the mid-$16K range roughly 12 months later, meaning the currency lost well over 70 percent of its value. As a result, these assets lost much of their value as well, and the crypto space – which began 2022 at over $3 trillion in value – dropped by more than $2 trillion just one year later.
BTC’s Recovery in 2023
Despite its vulnerability to price swings, however, the currency has always managed to stay in the game. The asset has swung back and forth like a pendulum, always to wind up in a winning circle a few years (or sometimes just a few months) later, and 2023 is no exception. Bitcoin is now trading for just shy of $28,000 – almost double from where it was at December last year – proving that it knows how to heal itself from being bearish.
Cramer’s Questionable Prediction
Cramer has predicted the death of bitcoin before despite 15 years after it was initially discussed online it is still alive and trying to do its best for investors and traders around the world. His prediction may be questionable considering he was one of main advocates for Silicon Valley Bank when they were offering banking services related to cryptos such as lending against them earlier this year.
Overall while Jim Cramer may think Bitcoin will shrivel up and die soon his opinion should be taken with a grain salt given his past advocacy for crypto related services offered by Silicon Valley Bank earlier this year . Despite it’s vulnerabilities BTC continues show resilience with prices rising drastically since December 2020 indicating that Bitcoin could continue reign supreme among other cryptos for many years come .