Jim Cramer is Begging His Audience to Sell Cryptos, So What Next?
Jim Cramer is known among the trading community for his acerbic tongue, his lightning ideas, and also for his trading advice show on CNBC “Mad Money”. No stranger to the markets, Jim Cramer has been involved with the stock markets since he was in the 4th grade, and since then worked in Goldman Sachs, before starting his own hedge fund. Following this he was a writer at the Smart Money column, where he was accused of unethical practices by making $2 million on an elephant trade, before posting his recommendation on his column. Whatever you say about Jim Cramer, you cannot ignore him, and his knowledge of the markets.
Cramer and his penchant for cryptosCramer has been a noteworthy fan of cryptos, buying both Bitcoin and Ethereum, and even when he sold them, he made it clear that his intention was to buy again later. Cramer is well-known for his strong opinions on crypto and now in his CNBC Mad Money column, he is literally begging his audience to sell cryptos.
“I know the crypto-lovers never want to hear me say sell, but if you’ve got a big gain as I did, well, I’m begging you to,” Cramer said. “Don’t let it become a loss. Sell some, stay long the rest, then let’s wait and see if China changes its attitude toward an Evergrande bailout.”
The Evergrande debacle has weighed heavily on the global economy with ties and investments worldwide, and with regards to crypto there is also a strong link there. Some say, Evergrande holds a major allocation in Tether. Yet according to Cramer “Tether said they have no Evergrande exposure. But tons of Chinese businesses stand to get crushed by this fiasco, and they have Evergrande exposure, and that could spell real trouble if the dominoes fall here.”
“The problem with tether is that it’s backed by various holdings and roughly half of those are commercial paper — short-term loans — and much of that is believed to be, but we don’t know, Chinese commercial paper,” Cramer said.
Tether, a stablecoin pegged against the USD, is the third-largest crypto in terms of capitalization.
So if you listened to Jim Cramer and sold your Tether, then what next for you?
How about FLURRY, a protocol specifically for stablecoin owners?The FLURRY protocol issues rhoTokens, which are backed by stablecoins, just like Tether. For instance, the rhoUSDC is pegged 1:1 to USDC, with the price stability (derived from the underlying stablecoin USDC). Holders can use the rhoTokens directly without needing to redeem their funds or pay gas fees, which makes this the perfect medium of exchange.
The protocol’s goal is to seek the best passive yields for the users stablecoins. Using FLURRY’s rhoTokens, users hold these tokens and do not need to search for the best earning opportunities, nor move their holdings across platforms or products, as FLURRY does all of this for them, while they sit back and watch their interest grow. This means the user can take advantage of high yield opportunities from literally any chain, just by using the FLURRY protocol.
?? #FLURRY Protocol's #rhoTokens will be officially LIVE on 11 OCT ??These tokens are pegged 1:1 to a stablecoin allowing users to access the best yields for their stablecoins, adjusted according to respective transaction feesGet them before they go cold pic.twitter.com/8M1RisGmaR
— Flurry Finance (@FlurryFi) September 27, 2021Interest is paid by receiving a greater supply of rhoTokens, which keeps these tokens pegged directly against the underlying stablecoin. In this way, the tokens can be used as a medium of exchange and spent as they would normally spend stable coins, with no lockups.
While other yield aggregators also search for the best yields, the fact that FLURRY works across literally any network is what sets it apart.
According to FLURRY the protocol works in 4 steps:
- Mint the rhoTokens – users deposit their stablecoins at Flurry to mint rhoTokens.
- Yield Generation – Flurry will transfer the deposited stablecoin in different DeFi Products to generate yield, according to their defined weighting and risk factors.
- Rebasing – On a daily basis, the Flurry protocol will calculate the interest earned for the users and distribute them out by minting more rhoTokens on a 1:1 basis. For example, if user A has 100 USDC and earns 5% on this amount, he will see his wallet balance grow from 100 rhoUSDC to 105 rhoUSDC.
- Redemption – users can redeem their rhoTokens anytime they want. In the long run, this should not happen often because users should spend and trade the rhoTokens directly.
A product like this gives the opportunity to invest in any stablecoin and to switch easily whenever you like. If you are HODl’ing Tether and are thinking maybe to take Cramer’s advice, then this is a way to gain exposure to all stablecoins with one account.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Text source: Crypto Daily™
