Jim Cramer believes the sun is setting on Bitcoin

Former hedge fund manager Jim Cramer believes that Bitcoin's time has not yet passed, but the sun is already setting on it and it most likely has no chance of survival.

Since the beginning of the year, the price of BTC has experienced several sharp declines and has fallen by almost 60 percent. Additionally, the SEC's reluctance to approve the BTC ETF has significantly shaken retail investor confidence in the market. Even certain positive developments on the institutional front, as well as the currency crisis in Turkey, did not cause a surge in cryptocurrency prices. However, Cramer's analogy to the setting sun does not entirely correspond to reality, given the evolving nature of the market. All indications are that the ETFs will ultimately be approved by the commission in early 2019. Many experts agree that custodial services and liquidity issues must be resolved before the SEC will approve an ETF. Regarding custodial services, some companies have already started activities in this direction. Among them are the Coinbase exchange, as well as Goldman Sachs, which is considering providing services in this area.

Continuing to argue his position, Cramer referred to the comment of Udi Mokadi, CEO of CyberArk, who said that “bitcoin looks like an illegal currency.” Continuing this line of thought, Cramer stated that Bitcoin is the currency of terrorists, drug traffickers and money launderers. Cramer has already expressed the idea that the only reason Bitcoin will reach a price of $1 million is extortion and blackmail. That in the future Bitcoin will only be used to pay off criminals and blackmailers.

Although the problem with ransomware viruses is indeed serious, the amounts obtained through such fraud cannot affect global trade. The idea of ​​creating a crypto industry for the sake of a pseudo-market seems too complicated and implausible.

According to official reports, cryptocurrency fraud accounts for a very small percentage of money laundering cases. The Drug Enforcement Agency (DEA) confirmed that only 10 percent of BTC transactions involved illegal activity. According to Lilita Infante, an expert on the DEA's cybersecurity research team, speculative investments account for the lion's share of BTC transaction volume...

And to conclude this alarming article, returning to Cramer's analogy, let us remind you that the sun on Bitcoin may set only to rise again, because when Cramer last predicted the death of Bitcoin in 2008, we all know what happened.