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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Peter Schiff And Jim Cramer Present Their Doom Scenarios For Bitcoin, Cardano, XRP, Dogecoin

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Bitcoin doom

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Notorious CNBC host Jim Cramer has once again made controversial predictions for Bitcoin and the crypto market in the latest episode of the show “Mad Money”. Cramer has made a name for himself on the crypto scene in recent years, but possibly to the extent that he wanted to.

Cramer’s mixed track record in crypto-analysis led to the creation of the “Inverse Cramer ETF,” a fictional exchange-traded fund that recommends the opposite of everything Cramer says.

Great news for crypto! pic.twitter.com/uKJznTn1Pr

— Inverse Cramer (Not Jim Cramer) (@CramerTracker) December 6, 2022

Consequently, the crypto scene pays little credibility to the host’s predictions. Still, Cramer is not always wrong. In June, for example, he predicted that cryptocurrencies would continue to fall. He based this on the actions of the Federal Reserve.

Cardano, XRP And Dogecoin Going To Zero?

In the latest episode, the Mad Money host said that investors still have time to sell their crypto holdings. According to Cramer, the markets will continue to crash in 2023, so crypto investors should sell “before it’s too late.”

“You can’t just beat yourself up and say, ‘hey, it’s too late to sell.’ The truth is, it’s never too late to sell an awful position. And that’s what you have if you own these so-called digital assets,” Cramer said.

Specifically, Cramer predicted that Cardano (ADA), XRP, Polygon (MATIC) and Dogecoin (DOGE) could crash to zero. According to him, these cryptocurrencies are still highly overvalued, so those who hold them should sell them.

https://twitter.com/GillBatesVax/status/1599968743576043521

However, his reckoning with crypto didn’t end there. The moderator made serious accusations against Tether (USDT).

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Bitcoin Price Lacking Momentum Above $17k, BTC Holders Are Safe: Here’s Why

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According to Cramer, the largest stablecoin in the crypto market could meet a fate similar to Luna’s TerraUST, which fell to zero in three days in May this year.

Tether, a so-called stablecoin that’s supposed to be kinda-sorta pegged to the dollar, still has a $65 billion market cap.

There’s still a whole industry of crypto boosters trying desperately to keep all of these things up in the air. Not too different from what happened with bad stocks during the dot-com collapse.

Remarkably, Cramer’s Bitcoin bear market low of $12,000, which he predicted in previous broadcasts, is still a long way off.

Peter Schiff Shares Bitcoin Prediction At $5,000

Cramer, however, is not the only Bitcoin critic spreading doom and gloom. Gold bug Peter Schiff has shared an assessment from Standard Chartered that Bitcoin is still overvalued at its current price of about $17,000.

According to the word-strong Bitcoin critic and multinational bank, BTC is at risk of another 70% crash in 2023. Standard Chartered claims Bitcoin could fall to $5,000 next year.

Related Reading

Bitcoin Now Undervalued For 170 Days, How Does This Compare With Previous Bears?

1 year ago

In a note entitled “The financial-market surprises of 2023,” Standard Chartered states that a negative surprise could be Bitcoin falling to US$5,000 next year.

Rising yields along with a slump in tech stocks will lead to an acceleration of the Bitcoin sell-off and cause more bankruptcies in the crypto world, according to the bank.

Goldman Sachs To Buy Up The FTX Mess

Despite all the dystopian predictions, however, there is also extremely bullish news today. As Reuters reports, Goldman Sachs is on the hunt for cheap crypto companies after the FTX collapse and plans to spend tens of millions of dollars to buy or invest in crypto companies.

Regardless of how the Bitcoin scene views this on ideological grounds, this should be a strong catalyst for maturation and progress for the institutional sector.

At press time, Bitcoin was trading at $16,967 and has lost its volatility again.

Bitcoin BTC USD 2022-12-06
BTC price, 4-hour chart. Source: TradingView
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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