CNBC host Jim Cramer is issuing a dire crypto warning to investors that the leading digital asset Bitcoin (BTC) could plunge toward the $12,000 range.
In a new interview on CNBC’s Squawk Box, the former hedge fund manager says prominent Bitcoin bulls and maximalists desperately need to make a stand to keep the top crypto asset by market cap afloat.
“I think the people who are involved in Bitcoin have to take another stand… we need some guys to say ‘look, this is the level.’ That’s typical of what happens when it’s about to really drop big. So they come on air and say ‘Listen, I’m a pyre…’
They have to make a stand, they can’t let it go down anymore. Whoever the ‘they’ is, they gotta hold. It’s kind of like Braveheart with that thing.”
Cramer goes on to say he believes Bitcoin will eventually plummet to the $12,000 price range, also noting that BTC “isn’t really anything.”
“I think it goes to $12,000, where it was before this whole fiasco began.”
Cramer’s comments come just a week after he said he’s a big believer in BTC and top smart contract platform Ethereum (ETH), proclaiming they are the “most legitimate” digital assets and they both have a place in diversified portfolios.
“I think crypto should be part of a person’s diversified portfolio. I can’t tell you not to own crypto; I own crypto, I own Ethereum.”
Bitcoin is changing hands for $20,633 at time of writing, a 2.2% drop on the day.
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— Squawk Box (@SquawkCNBC) June 17, 2022
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