Jim Cramer: "The Fed is almost done with destroying cryptocurrencies"

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Host of Mad Money on CNBC andformer hedge fund manager Jim Cramer believes that in fact the US Federal Reserve is not fighting inflation, but financial speculation such as cryptocurrencies.

Jim Cramer stated thatThe US Federal Reserve is moving in the right direction in the fight against inflation and getting rid of financial speculation such as digital currencies. According to him, cryptocurrencies do not protect people from anything, including stock prices, and recently they have performed worse than the stock market.

The TV presenter called cryptocurrencies “the lasta bastion of unbridled speculation” and said that it is necessary to get rid of them in order to combat inflation, which the Fed is doing very successfully. However, Cramer believes that even without cryptocurrencies, there are many areas susceptible to inflation: retail trade, housing, transportation and wages. However, according to Cramer, the Fed has managed to control almost everything except wage inflation.

“In the war against inflation there is one front, onin which the Fed achieved a remarkable victory is the battle against financial speculation. With the destruction of cryptocurrencies, the work of the Fed will almost end. But it seems they themselves don’t know about it yet,” said the TV presenter.

He noted that in recent weeksThe cryptocurrency sector has been hit hard - some large crypto companies, such as Coinbase, are facing a solvency crisis and are laying off their employees. Cramer believes that although “cryptocurrencies are holding up for now,” the decline will continue.

Previously, the TV presenter stated that in the coming months Bitcoin could recover to pre-crisis values, but the main cryptocurrency would not be able to set new records.