Jim Cramer says Crypto Has “No Real Value”
‘So, I mean, look right now. It looks like everything’s bad, and I’m not going to deny that every asset class is getting hurt. The one I’m most interested in is crypto because a lot of people are in crypto and crypto really does seem to be imploding. But it goes from $3 trillion to $1 trillion. Why should it stop at $1 trillion? There’s no real value there… You know, you look at these companies, there’s these companies that you’ve never heard of and they blew up over the weekend, and you just say to yourself, “Holy Cal, there’s $600 million just going down the drain.” We had Gary Gensler, the chairman, on a few weeks ago and he just said, “Look, anybody who has a come hither rate of investment, you just it’s the rate that you earn.” You can kind of forget about them, and that’s what’s happening all right. All the right places can save you money. How many can you save? We had 39 bitcoin support level. What a large number of NFTs were sold to you.’
Jim Cramer was bullish when ETH was 3k
We take you through the top stories of the day, including information on some of our favourite altcoin projects. We will keep you updated. CNBC analyst Jim Cramer says, “Crypto really does seem to be imploding. When it goes from $3 trillion to $1 trillion, why should it stop at $1 trillion? There is no real value there.” And of course, just apposing this with Jim Cramer just a month or two ago, shilling Ethereum when Ethereum was $3,000.
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This is going exactly as expected
If you have been around for multiple cryptocycles like I have, like many people in our audience have, what’s going on in the media now, from the sentiment that they share to the sentiment that retail shares, is a tale as old as time. It’s cyclical. It happens every cycle.
My question to you is, are we in the anger stage or, it seems like we’re getting more into the depression stage? My retirement money is lost. How can we pay for all this new stuff? I am an idiot, so when Jim Cramer says that there’s no real value in crypto; he seems to be conflating NFTs with crypto with bitcoin.
Well, let’s just take a look at Bitcoin and you tell me if there is value here. I think there are a lot of reasons to be bullish on bitcoin. I think there’s a lot of reasons why, long term, zooming out in the grand scale of things, bitcoin under $20k today might be a huge buying opportunity if it does fall down to $13k. I think that would be a huge buying opportunity. Of course, that’s my bias.
“1/ Bitcoin is trading below its 200 weekly moving average and short-and long-term cost bases for only the fourth time in price history,”- Yassine Elmandjra
These levels have historically marked generational bottoms. To go along with this,
“Oh,look the bitcoin balance on exchanges still dropping. Some people understand that there will only ever be 21 million $BTC. They are getting their piece of the pie,”- Lark Davis.
And an interesting thing to note is that one of the biggest buyers of bitcoin is shrimp, with a net position of less than one bitcoin, sitting stacked by small accounts right now.
Last chance to buy 1 whole Bitcoin!?
“The biggest buyers of bitcoin right now are mega OG whales, and those with less than 1 BTC who know that this period is their last chance to get one whole bitcoin!”- Lark Davis
I believe that this period we’re in right now is your last chance to accumulate one whole bitcoin. Of course, I can’t speak for you. Of course, it’s different for everybody’s personal situation, but just like I believe that the chance for a regular person to accumulate 10 bitcoins is gone, a regular person cannot accumulate 10 bitcoins at this moment in time, I believe that over the next year will be the last chance for a regular person to accumulate one whole bitcoin. I believe that I believe that it’s worth it. You tell me what you think below, but yes, personally, I believe this.
Altcoins will provide BIGGEST return on investment
And then, of course, the biggest rewards in the future will come from altcoin projects. Right now is the bottom of Cardano. It’s never going lower. Now, what I’m telling you is that taking a look at just June’s On-chain Cardano Stats is a good idea. So, Cardano Stats in a bear market again. Things are looking good from a more fundamental level.
Cardano is a TOP project (by development activity)
“Did somebody say Cardano was a top project by development activity in the last 30 days? Let’s take a look at what developer activity is and why this matters.”- Cardano Community
“High development activity implies that:
- The project is serious about its business proposition.
- Two, the project will likely ship new features in the future.
- It’s less likely that the project is an exit scam.
Development Activity can be used to gauge a project’s commitment to creating a working product and the continuous polishing and upgrading of its features.”
So, all that being said, Cardano in the month of June wallets are slightly up 8% staked about the same delegated wallets, about the same stake pools, about the same transactions, up 5%, native tokens are up 6%, and Plutus scripts are up 3% with policies up 3%. So things continue to look strong for the Cardano ecosystem.
Any Altcoins worth buying now?
Of course, in this whole market, you know the market movers are bitcoin and Ethereum. If bitcoin stays low, altcoins could get wrecked for another few months, but I’ll tell you one thing, the biggest gains in the future will be altcoins sometime over the next year. I believe that there’s going to be some awesome opportunities to take out altcoin positions now for Cardano, specifically at 45 cents. In the grand scheme of things, getting into Cardano at 45 cents might be a great price. Maybe a better price would be 30 cents or 20 cents. We don’t really know, but you tell me which coins right now, I know there’s going to be big opportunities over the next few months, but what coins right now, based on their price right now, do you think are great buying opportunities?
Italian government INVESTING in blockchain projects
It’s going to be interesting to see if there’s a country that gets ahead of America in terms of support for crypto and blockchain technology because, you know, we already have spot bitcoin and Ethereum ETFs in Australia and Canada and the US that has yet to be approved for bitcoin and other countries are funding crypto development. The Italian government will provide $46 million in subsidies for blockchain projects. All companies developing IoT, AI or blockchain technology will be eligible to apply for government subsidies. The funds will be used in specific sectors, such as health.
The ministry of economic development of Italy has announced that certain blockchain projects will qualify to apply for up to $46 million in government subsidies starting this September. In a Tuesday announcement, the ministry said companies and public or private research firms will be able to apply for funding from the government for the development of projects of things related to artificial intelligence, the internet of things, or blockchain tech. This is all part of the Italian government’s goal for investments in technology research, and their goal is to innovate.
“We support companies’ investments in cutting-edge technologies with the aim of encouraging the modernization of production systems through management models that are increasingly interconnected, efficient, fast and secure,” said Minister of the Economic Development Giancarlo Giorgetti. “The goal of competitiveness requires the manufacturing industry to constantly innovate and use the potential of new technologies.” So the Italian government is doing it right in a lot of ways.
[This article is a transcription of a video made by Altcoin Daily]
Original video: https://youtu.be/6DA2S_JFy4I]
