‘Get your crypto profit now, before you lose money!’
The host of CNBC’s Mad Money show Jim Cramer is shouting from the rooftops to grab your crypto profits now because a doomsday scenario is ensuing.
Mad Money is a popular show on CNBC in America. The host is Jim Cramer and he is no stranger to the fast money world. He was a hedge fund manager and co-founder of Thestreet.com. This is a financial news website. He begs crypto investors to take profits on crypto gains in their portfolios. ‘I beg you. Don’t let it become a loss,” he said, emphasizing, “I don’t want you to lose money.”
Grab your crypto profit
He was pretty clear last night. He said: “I know the crypto aficionados never want to hear me say sell, but if you have a big profit like me, well I beg you. Don’t let it be a loss. Sell some, then let’s see if China changes its stance on a bailout for Evergrande.
There are many things at play and they could cause cryptos to decrease in value. Notably, he warned that the struggles of Evergrande, a major real estate developer in China, would likely continue to impact crypto markets. Evergrande is also active in other sectors, such as healthcare and electric vehicles. The company has more than $300 billion in debt in total. And recently warned investors that it may default on its debts.
Doom scenario
What does that have to do with cryptos, you might think… The Mad Money host explained that the crypto problems now start with tether (USDT). “The problem with tether is that it’s backed by different holding companies. And about half of that is ‘commercial papers’ – short-term loans – and a lot of it is assumed, but we don’t know, are Chinese,” he said. He warned: “If the chain breaks, well, then the entire crypto ecosystem will be eroded. So if you own crypto in any form and you have big profits, I recommend taking something off the table.”
