Bitcoin’s surge features ‘very little related to investing’: Jim Cramer 13 Mins Ago | 03:27
CNBC’s Jim Cramer said Thursday he doesn’t blame traders for buying in to the bitcoin frenzy, but once more he warned that the digital currency’s function could end badly.
Previously this week, Cramer said the cryptocurrency was a pure gamble, and the ones thinking about the cryptocurrency should merely go to Vegas.
Bitcoin rocketed even higher on Thursday morning hours, crossing the $15,000 mark just 10 hours after topping $14,000, according to industry webpage CoinDesk. The cryptocurrency, which some market individuals have warned is a bubble, features surged a lot more than 1,800 percent this year.
“There’s seems to be a level of hoarding,” Cramer told “Squawk Box.” “Those people who are owning it aren’t flipping it.”
“This does feel like it features broken out and it’s really on liquid oxygen and it’s really heading somewhere,” Cramer said. “And I don’t blame anyone for attempting to bought it because it’s a great ride. And I don’t prefer to talk about when the party is going to be over because probably the thing is going to Mars. Maybe the truth is going to Jupiter.”
“But I do want people to understand that there are mechanics behind this thing which make it so there is absolutely no retailers. And if there are no sellers, then it really is parabolic,” explained Cramer, the sponsor of CNBC’s “Mad Cash.”
On “Squawk Container” Thursday morning hours, BK Capital Management founder Brian Kelly, a portfolio of a digital currency hedge fund, disagreed with Cramer, saying there’s plenty of liquidity on bitcoin trading systems so would-be retailers won’t have problems finding buyers.