Jim Cramer said: Bitcoin is Monopoly money and will be Destroyed

Nishanth Shetty

Nishanth Shetty

December 11, 2017 7:22 am

Jim Cramer said: Bitcoin is Monopoly money and will be Destroyed | Coindelite News
3632 Total Views

Bitcoin News

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.

Jim Described:

“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.”

Other views

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.”

No Comments
Police Official Arrested for Bitcoin Extortion Case in India

Indian Police Arrested for being Involved with $1 million Bitcoin Theft scheme According to the recent reports, another popular police official in the Indian state of Gujarat has arrested for being in connect with $1 million bitcoin theft scheme. Hindustan Times reported,  Amreli police director Jagdish Patel was arrested Sunday …

CFTC Chairman Shows Mistrust towards Ethereum and Ripple currencies

Gary Gensler Shows Skepticism towards Ethereum and Ripple currencies Ripple and Ethereum, the most valuable altcoins are most likely “noncompliant securities” alleges a former markets regulator. The former head of CFTC (Commodity Futures Trading Commission), Gary Gensler, states that according to him, Ripple and Ethereum are “noncompliant securities” and are …

Bitcoin is Vast than the Industrial Revolution says, Tim Draper

Tim Draper says Bitcoin is Larger than any other Industrial Revolution American venture capital investor and Blockchain industry influencer Tim Draper insisted that Bitcoin (BTC) is “bigger than the internet,” and some other significant developments in human history, during the Intelligence Squared US debate in New York City this Saturday. …

San Francisco Federal Reserve Bank Head says Crypto is not a Currency

Crypto is not a Currency says San Francisco Fed Head The head of the Federal Reserve Bank of San Francisco thinks that crypto is lacking the focus features required for defining them as a currency. According to t Reuter’s report, John Williams,  the current head of the Federal Reserve Bank …

Bitpay includes Bitcoin Cash support to Checkout Point-of-Sale App

Bitcoin Cash support Added by Bitpay to Checkout POS App Bitcoin Cash is continuously getting more support amidst clients and service providers, with the most recent example coming from Bitpay. The service now enables merchants to acknowledgement BCH via its POS app, and settlement is awaited soon too so that …

Ripple Seems to Show Definite Signs of Higher Returns in the Crypto Industry

Ripple to Guarantee High Returns Despite Cryptocurrency Behemoth, Bitcoin Since the past few weeks, the cryptocurrency prices are falling which is not in favour of the investors. However, the values seem to have regained their profits again. In spite of bitcoin being the giant coin,  investors for some time now …

Press Release