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Author Topic: [2017-11-22] CNBC Mad Money Host Cramer Joins the Bitcoin ‘Bubble’ Brigade  (Read 3420 times)
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November 22, 2017, 03:07:55 PM
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The host of CNBC’s Mad Money has said that bitcoin and junk bonds are bubbles and that the stock market is the only thing that has ‘real and obvious value.’

According to Jim Cramer, former hedge fund manager, best-selling author, and host of Mad Money, he doesn’t understand why people say that the stock market is dangerous and overvalued. In his opinion this is one area where a bubble is not taking place. For him, he thinks that bitcoin is a prime example of a what a bubble is, reports CNBC.

Speaking on Tuesday, Cramer said:

"A year ago, one bitcoin was worth $750. You mean to tell me that’s not a bubble? You think that’s a safe place, a reasonable approximation of value versus the stock market?"

Yet, while investment values may explode is certain areas, Cramer is of the opinion that the stock market illustrates prices that are actually true, adding:

"As long as everything else is totally crazy and bubblicious, stocks are looking good. I don’t care where we are ‘in the cycle,’ I care where we are in the supermarket of investing, and right now, stocks are the only aisle with real and obvious value."

Cramer is not the only one who thinks that the digital currency is a bubble. Nouriel Roubini, an economics professor at New York University’s Stern School of Business, said earlier this month that bitcoin was a ‘gigantic speculative bubble.’ During a visit to Poland, ‘Dr. Doom,’ as he’s more famously known, said that it wasn’t a ‘serious method of payment’ or ‘a good way to store capital.’

At the time, he added:

"I think that more and more countries will start to make cryptocurrency exchanges illegal like China did. New regulations will be adopted. So, this will find its end."

Fellow critics of the digital currency include Jamie Dimon, JPMorgan Chase CEO, who called bitcoin ‘a fraud‘ in September. This was later followed up by the Wall Street banker claiming that it was ‘worth nothing.’

Saudi Prince Alwaleed bin Talal, who was arrested earlier this month for money laundering, bribery, and extortion, has also added his voice to the critics list. In late October he said that bitcoin is ‘going to implode‘ due to a lack of regulatory supervision.

Bitcoin’s value in recent weeks has catapulted to new heights, scaling $8,000. Just yesterday it was reported that it had reached $8,315 for the first time. However, while critics will remain investors are continuing to pour their money into the currency, pushing its value even higher.

https://www.cryptocoinsnews.com/cnbc-mad-money-host-cramer-thinks-bitcoin-is-a-bubble/
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November 22, 2017, 03:25:07 PM
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"I think that more and more countries will start to make cryptocurrency exchanges illegal like China did. New regulations will be adopted. So, this will find its end."

I don't care who are these people and what type of background as well as education they got into but listening to them talking about Bitcoin and what their opinions are makes me laugh a little...no make it a big laugh. Obviously, these are the people that do not fully understand how Bitcoin works and they are not honest enough to admit their ignorance.

Actually, I do not disagree with their assessment that Bitcoin can be a bubble...this is something we have to accept as indeed the price rise can be astronomical. However, this is not the same bubble as that of the tulip that happened centuries ago. Tulips can be produced anytime and in unlimited numbers but this is not true with Bitcoin.

Regulations are very welcome by the Bitcoin community and sure there would be countries that might ban Bitcoin but it does not mean the end of the road for Bitcoin. What happened after the China ban? There was that big surge! What happened after the 'civil war' with another coin called BitCoinCash? The same surge.

And everytime there would be people issuing not-so-good comments about Bitcoin expect the coin to make a big surge. In fact we can say that people like Cramer are actually contributing to the big bubble. They should learn to get the facts first before opening their big mouths otherwise Bitcoin will continue on rising...and it is their fault!
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November 23, 2017, 08:09:56 PM
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And everytime there would be people issuing not-so-good comments about Bitcoin expect the coin to make a big surge. In fact we can say that people like Cramer are actually contributing to the big bubble. They should learn to get the facts first before opening their big mouths otherwise Bitcoin will continue on rising...and it is their fault!

Everytime one of these TV show hosts or businessmen condemns Bitcoin as a "speculative bubble" this inadvertently also
increases awareness of BTC. I assume that many current BTC users have initially heard about Bitcoin by one of the media reports
about either the astronomical price rise or one of the Bitcoin condemnations by public persons.

I concede that the price rise in 2017 is indeed a little too extreme and probably partly caused by price manipulation (Tether and so on).
However, I´m highly confident that we will see even crazier price swings in anticipation of the next block reward halving.

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