CNBC’s Jim Cramer said on Wednesday that he was concerned because the lack of sellers in bitcoin and other cryptocurrencies had reached a “messianic” moment.
“Right now, there are so many cult assets – Coinbase, cryptocurrencies, meme stocks, non-fungible tokens – that true believers absolutely refuse to sell,” the “Mad Money” lord said. “They rather throw out everything they own, and that puts real pressure on the rest of the market, and that’s not a good sign.”
The comment comes after Wall Street welcomed the direct listing of Coinbase, the cryptocurrency exchange that jumped more than 30% in its debut on the market.
Cramer, which is strong on Coinbase, has endorsed the company as the best mutual fund player who wants exposure to digital currency.
However, messianic trading, which came to light through the Wall Street Bets crowd’s support of stocks like GameStop, is also booming in the crypto space, he said.
‘There’s a group in this market that apparently believes it’s a sin to … sell anything because you own shares [or cryptocurrency] is a cause and selling means you are betraying the cause, “Cramer said. It starts to make me wonder if some of these followers have a spiritual quarantine, especially in their ability to ignore any sign that might be enough.
The remarks come after a mixed day of trading on Wall Street.
The Dow Jones added about 53 points, or 0.15%, to close at 33,730.89. The S&P 500 and Nasdaq Composite both slipped less than 1%.