Jim Cramer, the outspoken host of ‘Mad Money,’ has called Bitcoin ‘Monopoly Money,’ and has suggested that the futures market will ‘annihilate’ the cryptocurrency’s value when they open. The comment came during a segment aired on CNBC.
Cramer is no fan of Bitcoin, in spite of, at one point, mentioning that the price could go to $1 mln. He believes the current run up is a bubble that has been driven to new highs by traders in order to short the value once the futures market opens. According to the famous investor:
“I think the short selling is just going to annihilate people when you can start trading it. Once this thing starts trading the futures, they are just going to kibosh it.You’re going to see a lot of shenanigans.”
While Cramer has expressed the concerns of many on Wall Street, others, including industry insiders, disagree. The general feeling among Bitcoin-aware investors regarding the run up is that, while there are potential dangers in every market, the market will continue to maintain stability, even as the futures market begins to take hold…