Crypto has been getting a lot of bad rap this year. It’s no wonder as crypto prices declined rapidly. In fact, this has been one of the longest and toughest years in history. Bitcoin dropped by 77% and has been in a downtrend for almost 400 days.
Related article: Is ECB’s new blog deliberately lying about Bitcoin?
Jim Cramer thinks crypto investors should sell their positions and leave it be. However, Cramer is notorious for saying something while the opposite happens. On the other hand, billionaire investor Tim Draper thinks Bitcoin will rally and Elon Musk considers crypto adoption on Twitter as a no-brainer.
Jim Cramer thinks cryptocurrencies may go to zero
— Rene_Crypto (@RemsikRene) December 6, 2022
Longtime CNBC host Jim Cramer said on a recent episode of “Mad Money” that he thinks altcoins like Ripple (XRP), Cardano (ADA), and Dogecoin (DOGE) could fall to zero.
“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,” he stated.
The longstanding host of “Mad Money” also aimed at Tether (USDT), which is the world’s biggest stablecoin, by questioning the company’s USDT reserve backing. Cramer claimed that crypto investors are doing everything they can to keep things “up in the air.” He compares the current state of the crypto space to the dot-com bubble.
Cramer, who has warned against staying in speculative assets while the Fed continues to tighten the economy, repeated his argument and said that investors shouldn’t be fooled by some coins’ inflated market capitalization. He also said that he thinks more cryptocurrencies like XRP, DOGE, and ADA will drop much more, maybe even to zero.
Tim Draper is optimistic about Bitcoin
Tim Draper, a venture capitalist, is doubling down on his prediction that the price of Bitcoin (BTC) will skyrocket to $250,000 sooner than most people think. In a new interview with CNBC, the billionaire says he is adding six months to his previous bull run prediction, which said that the largest cryptocurrency would be worth six figures by the end of 2022.
Pretty bold prediction despite this year’s market turmoil. Draper had previously stated that the price of BTC would go to $250,000 by the end of 2022. However, at a tech conference in Lisbon in early November, he said that this wouldn’t happen until June 2023.
Can Bitcoin rise by more than 1,300% in just half a year? You be the judge. He further explained that women are an untapped market for crypto right now, which could be the driving force for the next bull run.
“I have extended my prediction by six months. $250,000 is still my number. My assumption is that, since women control 80% of retail spending and only one in seven Bitcoin wallets are currently held by women, the dam is about to break,” Draper specified.
Draper thinks that retailers will soon realize they can save money by accepting cryptocurrency payments rather than those of traditional banking payment systems, which take larger percentages of each sale.
He claims that in the future, people will use Bitcoin to buy food, clothes, and other basic goods. According to Draper, the next halving event in 2024 is another crucial event that could increase the price of Bitcoin.
Elon Musk supports the idea of Crypto Twitter (CT)
In a new Twitter Spaces hosted by Mario Nawfal, Twitter’s new CEO, Elon Musk discussed his hopes for the social media giant. He stated Twitter may include transactions with crypto in the future.
According to Elon Musk, the integration of cryptocurrency payments is a natural progression for the platform, which is notoriously known as the most used social network for crypto discussions.
“WeChat has a lot of functionality that Twitter should have. It’s kind of a no brainer for Twitter to have payments, both fiat currency and crypto, and to make that easy and simple for people to use,” Musk said.
Musk claims he is confident in the long-term viability of crypto assets as a check on central banks and international monetary policies. Much of the monetary system, according to Musk, is now digital, therefore he doesn’t see much need for the upcoming Central Bank Digital Currencies (CBDCs).
“I do think there is a role for crypto in the future without speaking to any particular crypto coin, as a means of ensuring that the monetary system does not get completely corrupted. It essentially provides competition to the fiat system. So if the fiat system becomes overly restrictive, crypto will grow,” Musk added.