Phew! His reasoning for why bitcoin will go to $1 million is the most ludicrous, insane thing I have ever heard… which is par for the course from eardrum cracking Cramer.
According to him, bitcoin won’t go to $1 million because it is a paradigm shift and evolution in money, banking and finance.
No, the reason it will go to $1 million per bitcoin is because people will need it to pay blackmail!
He said, “I think it could because the European banks are frantically trying to buy them so they can pay off ransomware. It’s a short-term way to be able to deal with cybersecurity. It is the way to pay off the bad guys.”
CoinTelegraph.com blew this theory out of the water within seconds:
- In the case of WannaCry ransomware, the biggest ransomware attack in history, the distributors earned less than $100,000. That is only 0.0012 percent of the European Bitcoin exchange market. Thus, to say that Bitcoin’s price is rising because of 0.0012 percent of traders from the fifth largest Bitcoin exchange market is not an accurate depiction of the surging Bitcoin price.
Not to mention, we already outed WannaCry as a globalist false flag.
So, no need to panic sell bitcoin. Cramer did say it would go to $1 million BUT his reasoning was perhaps the most ridiculous thing we’ve heard yet about bitcoin. He almost makes the Health Ranger look like a bitcoin genius.
There are some good reasons to speculate that bitcoin could eventually be worth $1 million. In fact, I did that all the way back in 2013 in my article, “The Dollar Is A Barbarous Relic: The Rise of Bitcoin.”
In it, I made the case for why the US dollar and all other fiat currencies will be worthless in the coming decade. And then just did the basic math on what bitcoin would be worth if it replaced the US dollar and was used worldwide as currency.
Here is what I said:
“In 10-15 years, if things go well, Bitcoin will be real money, accepted worldwide and it will be worth the equivalent of $1 million in today’s dollars (and, of course, the dollar wouldn’t be anything but a bad memory then). Where do I get the $1 million figure from? Well, there are many ways to attempt to calculate the value of a Bitcoin but if you make the assumption that in 10-15 years Bitcoin is a worldwide used currency, much like the US dollar is today, then all you need to do is look at the total dollar value of US dollars outstanding (which depending on your method of calculation could be anywhere from $4-12 trillion) and divide by the total amount of Bitcoins outstanding. Let’s use the $12 trillion figure, for ease of use, and let’s assume there are 12 million bitcoins outstanding in 10-15 years, also for ease of calculation. That number works out to $1 million per Bitcoin.”
The fact that, four years later, Jim Cramer is on CNBC talking about bitcoin going to $1 million to pay blackmail is hilarious in just how behind the times they are.
I actually appeared on CNBC in 2013, my only appearance, and while they acted like bitcoin was weird and scary I finished off by saying that the current monetary system is much more scary than any ideas they have about bitcoin.
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Nearly everything Jim Cramer says is completely moronic and usually totally wrong… and you can usually make money by doing the exact opposite of what he says. So it was very worrisome to hear that he thought bitcoin was going to $1 million.
