CNBC’s Jim Cramer said Wednesday that he is increasingly concerned as the lack of sellers in bitcoin and other crypto assets has reached a “messianic” moment.
“Right now, there are so many cult assets – Coinbase, cryptocurrencies, meme stocks, non-replaceable tokens – that the true believers are absolutely refusing to sell,” said the host of Mad Money. “They’re dumping everything else they own, and that’s really putting pressure on the rest of the market, and that’s not a good sign.”
The comments come after Wall Street welcomed the direct listing of Coinbase, the cryptocurrency exchange that jumped more than 30% during its market debut.
Cramer, who is bullish on Coinbase, endorsed the company as the best game for mutual funds looking for exposure to digital currencies.
Messianic trading, which came to light through the support of the Wall Street Bets crowd from stocks like GameStop, is also thriving into the crypto space, he said.
“There is a cohort in this market that seems to believe it is a sin to … sell anything at all because they own stock [or cryptocurrency] is a business and selling is betraying that business, “Cramer said.” I’m starting to wonder if some of these followers are in a mental quarantine, especially as they ignore any sign that might be enough enough. ‘
The comments come after a mixed trading day 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 slid less than 1%.