• Jim Cramer – the famed host of “Mad Money” on CNBC – has commented that bitcoin has no real use case, and he thinks the biggest digital currency by market cap will dry up faster than a riverbed.
• Bitcoin was depleted of all its resources and energy during 2022, falling to the mid-$16K range. As a result, other cryptocurrencies shriveled up and nearly died along with it.
• Despite its vulnerability to price swings, however, bitcoin is still in the game and is currently trading for just shy of $28,000 – almost double where it was at the end of December last year.
Jim Cramer: BTC Will Shrivel Up And Die
Jim Cramer – the famed host of “Mad Money” on CNBC – has commented that bitcoin has no real use case, and he believes that the biggest digital currency by market cap will dry up faster than a riverbed.
Bitcoin Struggles In 2022
In 2022, bitcoin took a major beating as it lost well over 70 percent of its value from an all-time high of about $68,000 per unit in November 2021 to the mid-$16K range roughly 12 months later. Other cryptocurrencies also felt this impact as they shrunk significantly in value alongside bitcoin; taking the entire crypto space from over $3 trillion in value down to below $1 trillion within one year.
BTC Makes A Comeback In 2023
Despite its volatility leading many investors to believe it would not make a comeback any time soon, 2023 is proving them wrong as bitcoin is once again rising through the ranks and is trading for just shy of $28,000 – almost double where it was at the end of December last year.
Cramer Predicts Bitcoin’s Death Before
This isn’t Jim Cramer’s first prediction about Bitcoin’s death either; yet 15 years after it was initially discussed online – bitcoin is still alive and trying to do its best for investors around the world.
Conclusion
Despite its vulnerability to price swings that have caused many people fear for its future throughout history, bitcoin continues to show us why it has been able to stay alive for so long: resilience. As we look forward into what could be another bull run for cryptos this year (2023), we can only hope that Jim Cramer will be proven wrong once again!