Charts suggest investors should ignore ‘crypto cheerleaders’ and stick with gold, Jim Cramer says

CNBC’s Jim Cramer on Monday warned investors to stay away from crypto despite bitcoin’s recent gains and instead look to gold. Bitcoin, the world’s top cryptocurrency, continued

to gain on Monday as investors continued to bet that the Federal Reserve will ease its pace of interest rate cuts or stop them altogether. CNBC's Jim Cramer on Monday warned

investors to stay away from crypto despite bitcoin's recent gains and instead look to gold. "The charts, as interpreted by Carley Garner, suggest you need to ignore the

crypto cheerleaders now that bitcoin's bouncing. And if you seriously want a real hedge against inflation or economic chaos, she says you should stick with gold. And I agree," he

said. Bitcoin continued to gain on Monday, reaching as high as $23,155.93 as investors bet that the Federal Reserve will ease its pace of interest rate cuts or stop them

altogether.  The price of the digital currency climbed reached $23,333.83 on Saturday for the first time since August, according to Coin Metrics. That marks an almost 39%

climb in bitcoin since the beginning of this month. To explain the analysis from Garner, who is the senior commodity market strategist and broker at DeCarley Trading, Cramer

examined the daily chart of Bitcoin futures and the tech-heavy Nasdaq-100 going back to March 2021. Garner pointed out that the two indexes are almost trading in lockstep,

which suggests that it's a risk asset rather than a currency or stable store hold of value, according to Cramer. "Imagine business owners trying to conduct transactions with

shares of Facebook or Google … it's ridiculous, they're too volatile. Bitcoin is no different," he said.