By Curtis Dye
The well-known presenter of the Mad Money program, Jim Cramer, recently said that “the charts, as read by Carley Garner, imply investors need to disregard the crypto cheerleading now that bitcoin’s rebounding.” Carley Garner is an analyst at CNBC.
He states this while referring to an analysis done by Carley Garner, a prominent commodities market analyst and broker working for DeCarley Trading.
Crypto as a hedge against inflation
Bitcoin might act as insurance against price increases caused by inflation. For instance, in contrast to conventional money, bitcoin cannot be manufactured out of thin air and then distributed as cash. Furthermore, the potential number of bitcoins that might ever exist has been mathematically constrained to at most 21 million.
Cramer, however, recommends using a considerably more conventional approach to combat inflation. Additionally, the Mad Money host tweeted earlier in January that pushing cryptocurrency prices upward tells you that this market is nothing more than a farce.
Also read:Other proponents in the market also suggest that investing in the current situations in traditional assets is the best way to protect savings in volatile times. Most investors agree that diversifying one’s portfolio with a mix of stocks, bonds, and money market funds to safeguard against inflation is a time-tested strategy.
Cryptocurrencies are trading in the red today
It is important to remember that the overall market has been trading in the red today as the price of Bitcoin fell by 0.83% in the past 24 hours. The wild action brings the top cryptocurrency to a valuation of $21,713 at press time.
On the other hand, the second-largest cryptocurrency, Ethereum (ETH), is exchanging hands at $1,529, a 1.71$ decline in the same timeframe. It is to be seen how the market behaves amid current speculations by significant market analysts.
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