Jim Cramer, host of Mad Money on CNBC, talked about Bitcoin and the traditional finance industry.
Cramer, who participated in the Squawk Box program, said that he thinks Bitcoin will fall to the level of $ 12,000.
Expressing that this drop in crypto prices is a normal situation, Cramer said that Mike Novograrz and Michael Saylor’s appearance on CNBC earlier this week was “a stand-in show.”
Cramer said he believes Bitcoin will drop to $12,000, the level “before this whole fiasco started.”
The Mad Money host said that Bitcoin was “really nothing” and mocked Joe Kernen, who said that Bitcoin was a representation of blockchain technology.
Cramer has said in previous interviews that Bitcoin and Ethereum are the most legitimate cryptocurrencies and emphasized that as long as people do not see these assets as “risk-free assets”, they should be allowed to invest in them.
