CNBC’s Jim Cramer said Wednesday he was concerned that the lack of sellers of bitcoins and other cryptocurrencies has reached a “messianic” time.
“Right now there are so many cult assets (Coinbase, cryptocurrencies, meme stocks, non-expendable tokens) that true believers absolutely refuse to sell,” the “Mad Money” host said. “Instead, they dump everything they own and that’s putting real pressure on the rest of the market, and that’s not a good sign.”
The comments come after Wall Street hosted the direct listing of Coinbase, the cryptocurrency exchange that jumped more than 30% in its market debut.
Cramer, who is bullish at Coinbase, hailed the company as the best work for mutual funds seeking exposure to digital currency.
However, the messianic trade, which came to light through the support of Wall Street Bets stocks, such as GameStop, is also bleeding into the cryptographic space, he said.
“There is a cohort in this market that seems to believe it is a sin … to sell anything because they own shares [or cryptocurrency] “It’s a cause and selling means you take out that cause,” Cramer said. “It starts to make me wonder if some of these followers are mentally quarantined, especially in their ability to ignore any signs that may be enough.”
The comments come after a mixed day of trading on Wall Street.
The Dow Jones added about 53 points, 0.15%, to close at 33,730.89. The S&P 500 and Nasdaq Composite fell less than 1%.