Cramer dubs bitcoin collapse Crypto Monday, says many tech execs call it a con
— Market, Money, Cramer, Dubs, Execs, Collapse, Worlds, Paused, Lost, Plunge, Withdrawals, Crypto, Tech, Bitcoin — 1 min read
CNBC's Jim Cramer called bitcoin's collapse Crypto Monday, in what he fears is Day 1 of a reckoning in the digital currency market. Monday's 17% plunge sent bitcoin under $23,000, a 66% nosedive from its all-time high in November. Cramer said he got the sense that Silicon Valley thinks crypto is a con and its promoters have taken a lot of money from unsuspecting investors. His Charitable Trust, which is the portfolio for CNBC's Investing Club, has no exposure to crypto or stocks related to it. The plunge in bitcoin and the crypto market at large are not systemic risks but rather a "necessary cleansing of speculation" Source