As the price of gold plunged on Friday, CNBC’s Jim Cramer said the rise of crypto may partly explain the sudden disinterest in the precious metal — a potential sign that the mainstream has flipped the script on Bitcoin (BTC) and digital assets.
When asked why gold isn’t rallying amid the political chaos on Capitol Hill this week, Cramer said the market is either not as chaotic as it seems or that all of the money is going into cryptocurrency:
either it is not as chaotic out there so gold doesn’t jump or it’s all going to crypto! But remember there has been no flight to quality (treasurys) https://t.co/nExv3O7dRm
— Jim Cramer (@jimcramer) January 8, 2021
The price of gold sold off more than $60 on Friday, hitting a low of $1,852.50 a troy ounce on the Comex division of the New York Mercantile Exchange. Bitcoin, meanwhile, surged to new all-time highs above $41,000.
Cramer is a recent