Jim Cramer predicts Bitcoin will fall below $12,000

• Jim Cramer, host of “Mad Money,” believes Bitcoin will fall below $12,000.
• He derided Joe Kernen’s claim that Bitcoin is a symbol of the emerging blockchain technology.
• Famous CNBC host thinks Novogratz and Saylor are attempting to prevent additional declines.

Jim Cramer, anchor of “Mad Money” on CNBC, has appeared on the Squawk Box show to discuss Bitcoin and traditional markets.

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The host expressed pessimism about Bitcoin reversing and beginning to rise. He referred to the recent appearances of Galaxy Digital’s Mike Novogratz and MicroStrategy’s CEO Michael Saylor on CNBC as “a stand show.”

He feels that these two significant Bitcoin investors had to raise the price because “they can’t let it go down any more,” so they assumed the roles of those who say this price drop is typical before BTC prices surge. This is a typical circumstance for cryptocurrency values.

Finally, Cramer stated that he believes the price of Bitcoin would fall to $12,000, the price “before this whole fiasco began.”

The host of “Mad Money” reiterated that Bitcoin “really isn’t anything” and derided Joe Kernen’s claim that Bitcoin is a symbol of the emerging blockchain technology.

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Cramer claimed in past interviews that he thought Bitcoin and Ethereum to be “the most legitimate” cryptocurrencies and that people should be permitted to participate in them so long as they do not consider them risk-free assets.