Jim Cramer, the host of Mad Money, believes that in the war on inflation the crypto market got immolated. He said the Federal Reserve seems to have an outstanding total victory and its job is almost complete. Cramer says crypto does not hedge investors against anything at all. He highlighted that the digital assets market has performed even worse than the stock market.
The former hedge fund manager described cryptocurrency as the last bastion of rampant speculation. Cramer said, “the Federal Reserve is trying to wipe out the crypto market in an effort to tame inflation.” However, there is still lot of inflation out there. The Mad Money host outlined housing, commodities, retail, transport, wages, and financial inflation. He said the Fed has won against all the inflation types except wage inflation. The expert believes that the Fed is starting to make real progress in fighting inflation.
Cramer said there is one front in the war on inflation and that’s been an outstanding total victory for the Fed – the battle against financial speculation. He pointed out that with the immolation of crypto, the Fed’s job is almost complete. But the Fed doesn’t seem to grasp this. The crypto industry has suffered major blows and most major crypto companies are facing a solvency crisis, and some have taken to laying off employees to mitigate the ongoing crisis. Cramer warned investors about crypto lenders offering outrageous returns.
The expert added that the crypto decline is the mother of all miseries. Cramer sees it as a fitting coda to a horrendous quarter.
