Binance released its highly anticipated proof of reserves (PoR) on Friday, providing blockchain-based evidence for the Bitcoin on its books. However, many in the crypto community question Binance’s approach, and aren’t fully convinced that they have the transparency they’re looking for. The Move to Proof of Reserves As Binance explained in its announcement, the exchange’s transparency system will add multiple tokens and networks within the next two weeks. For now, it solely validates its Bitcoin holdings. The company’s initial audit…
Jim Cramer – the host of CNBC’s “Mad Money” – most recently warned investors to stay away from speculative assets, including cryptocurrencies.
He believes the Federal Reserve has explicitly warned the markets that it intends to bring pain to related sectors.
- In a Mad Money episode on Tuesday, Cramer brought attention to Federal Reserve Chairman Jerome Powell’s latest comments at the Jackson Hole symposium.
- “Fed chief Jay Powell told us that we need to stop doing stupid things with our money,” he said. “That was the thrust of his speech on Friday,”
- During the speech, Powell said that the Fed remained committed to bringing down inflation through tight monetary policy. He added that the process is “likely to require a sustained period of below trend growth.”
- As such, Cramer told viewers to not “get crypto’d” so that they are prepared for a “huge bounce” following a Fed-induced crash.
- Cramer is notorious for frequently changing his opinion on crypto, in line with wherever its current price stands. In the spring of 2021, when Bitcoin was worth $65,000, he said he’d like to be paid in the digital currency.
- However, he confessed to selling his Bitcoin stack months after China’s crackdown on the industry. In October, he claimed his venture into cryptocurrency was pure speculation.
His opinion again reversed in June of this year after he started viewing Bitcoin and Ethereum as legitimate. Other cryptocurrencies – such as Dogecoin – he has labeled as securities.