Jim Cramer, a loud and very vocal host on CNBC, says that Bitcoin is nothing more than “Monopoly money” in his view. In fact, he takes it a step farther and says that someone would be better off throwing their money down in Las Vegas than trying to figure out the movements of something like Bitcoin. He says that it is nothing more than pure speculation, and that it has nothing to do with legitimate investing.
This is coming as the Bitcoin currency climbs above $12,000 per Bitcoin for the first time in history. In fact, it has been crashing through barrier after barrier lately. It just continues to set new records. Cramer believes that this very well could be a sign that it is about to crash in value. Is it really possible for something to just continue to rise like that without ceasing?
Bitcoin has a total market value that is roughly twice the size of the entire value of the famed Goldman Sachs. This has some people very much concerned about what happens if it crashes. Not the least of those worried about this possibility are the fine people at the Federal Reserve. They have been forced to keep an eye on the movements in Bitcoin as of late. They know that its value could have a more profound impact on the broader economy than so many of the other things that they are often tasked with keeping an eye on.
News was announced earlier this week that the CFTC will permit futures trading on Bitcoin to begin later this month. That could add yet another element of volatility to something that already has a lot of traders shaking their heads. The chief of the CFTC has said that it is their central mission to make sure that the futures for this crypto-currency are not manipulated.
Incredibly, despite the doubters of this currency, it just continues to rise. As of the time of this writing (approximately 10:30am EST on December 6th, 2017), the price for Bitcoin has rise more than nine percent on the day. It has seen moves like this on a regular basis as of late. That is true even with the eye-popping $12,000+ price that it has reached lately. Given this, it is hard to say what is about to happen next with Bitcoin, but it is surely something to at least have on your radar.