A co-host of Squawk Box, Becky Quick, has received advice from renowned financial journalist and anchor of CNBC's "Mad Money" program, Jim Cramer, to be pessimistic on cryptocurrencies at the moment.
He actually has a pessimistic outlook, especially on three well-known coins: Dogecoin (the original meme cryptocurrency), XRP, which is associated with Ripple, and Litecoin, which is known in the cryptocurrency community as "digital silver." They are "worth $80 billion in non-Bitcoin," he said, and are "destined to be wiped out."
"I think you should be negative on #crypto. I'm negative on $XRP, $LTC, and $DOGE because I haven't been able to find anyone that takes them," says @jimcramer. "It's like $80 billion worth of non-Bitcoin that's destined to be wiped out." pic.twitter.com/lrFbjtT0Wn
— Squawk Box (@SquawkCNBC) December 16, 2022
The financial expert has generally decried popular cryptocurrencies, with the exception of Bitcoin and Ethereum, and has said that stocks are preferable to digital assets. In 2020, when BTC was valued $12,000, he invested in these two well-known digital coins.
According to a previous tweet he published, when Ethereum's price rose and it hit an all-time high around the $69,000 mark a year later, he used his profit from BTC and ETH to buy a farm and a boat. The "Mad Money" broadcaster frequently criticizes other cryptocurrencies as being dubious and advises everyone to stay away from investing in them to avoid "losing money every year."
Core Engineer of DOGE Responds to Cramer
Michi Lumin, a key DOGE developer, responded to Cramer's criticism of the meme cryptocurrency Dogecoin. He asserted that due to DOGE's independence from any organization or individual and its only benefit to the Dogecoin community.
DOGE was established in 2013 by two IT engineers, Billy Markus and Jackson Palmer. Because he believed that trading cryptocurrencies was nothing more than gambling and that the growth of all cryptocurrencies was based solely on supposition, Markus abruptly ended the project.
