Jim Cramer said: Bitcoin is Monopoly money and will be Destroyed
December 11, 2017 7:22 am
Jim Cramer, the host of ‘Mad Money’, has called Bitcoin ‘Monopoly Money,’ and has described that the future market of the Bitcoin will get ‘Destroyed’ the cryptocurrencies value when they are open. The statement appeared when the segment took place on CNBC.
Cramer is not the follower of Bitcoin, at one point, by mentioning the price could go beyond $1 million. He trusts that the current run-up is a bubble which cannot be even guessed when it is going to be blasted. It looks so amazing as a bubble but after it gets blasted, there will be nothing.
“I think the short selling is just going to annihilate people when you can start trading it. Once this thing starts trading the futures, they are just going to kibosh it.You’re going to see a lot of shenanigans.”
When Cramer described his reviews of many on the Wall Street, others, including industry insiders, and few people disagreed. The common feeling among the Bitcoin investors is regarding the run-up and they have the idea about the potential dangers in every market it will be continued to maintain the security, even if the futures market starts taking hold.
Barry Hayut, chairman, and CEO of Hayver Corporation said:
“Unlike Monopoly money, there are many real services and products that can be purchased with Bitcoin today. Money is a store of value. Every day there are tens of thousands of people around the world that see this value in Bitcoin and exchange it with volumes recently exceeding 15 bln dollars a day. That is more than Apple, Google and Microsoft average daily trading a day combined.”
Rather than using the system, along with the disconnectedness of the Bitcoin creates the fear among the bankers and the traditional traders.
Founder of Vanywhere, Itay Schechter said:
“The value of Bitcoin is derived from social contracts and the millions of users involved. The Blockchain revolution takes the power and control back to the community. Banks and regulators are not used to something that is completely out of their hands, so they attack. The volatility of Bitcoin reflects the ‘hype,’ FOMO and other factors in society. Bitcoin might have gone up too fast too soon recently, but Jim completely ignores the utility and technology behind it.”