The host of Mad Money, Jim Cramer, has some advice for crypto investors.
The greater fool theory states that the price of an asset is determined by whether you can sell it for a higher price at a later point in time.
In August, the Mad Money host recommended putting up to 5% of portfolios in cryptocurrencies, stating that he is a believer in crypto.
Cramer further shared: “I didn’t buy bitcoin or ethereum as inflation insurance.
It was down 3.5% in the past 24 hours but up 7% in the past seven days and almost 50% in the last 30 days.
In June, Cramer revealed that he sold almost all of his bitcoin after the Chinese government reiterated its crypto crackdown.
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Developers of the Binance Smart Chain, the Binance-backed decentralized blockchain platform, have proposed applying a mechanism to burn BNB tokens based on the utilization of the network.