The US Federal Reserve (Fed) will continue the cycle of tight monetary policy, which will lead to a “washout” of speculative assets such as cryptocurrencies. This view was voiced by the former manager of hedge fund Cramer & Co. and CNBC’s Mad Money host Jim Cramer.

“Listen, Fed chairman [Джером] Powell told us we should stop doing stupid things with our money. That was the essence of Friday’s performance,” Kramer said.

He said the Fed’s commitment to lower inflation could bring “some pain” to American businesses and households. The host added that this situation will continue until authorities “put an end to gambling”.

With the latter, Kramer understands cryptocurrencies, among other things. He stated that he no longer believes in the Bitcoin store of value argument. Speculative assets include the former director of Cramer & Co. It also included NFTs and not-for-profit public companies.

Kramer later echoed this idea on Twitter:

“The Fed is telling you to sell cryptocurrencies, NFTs, public offering and SPACbefore you get your savings. No more nonsense!”

The Fed is telling you to sell cryptos, nfts, IPOs, and SPACs before you get your life’s savings. No more nonsense!!!

— Jim Cramer (@jimcramer) 30 August 2022

Recall that in July, Kramer noted the Fed’s progress in the fight against cryptocurrencies. According to him, digital assets do not protect investors from anything.

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