The crypto collapse shows the Fed’s job is ‘almost complete’ against inflation, Jim Cramer says

CNBC’s Jim Cramer on Thursday said that the rapid slide in the cryptocurrency market shows that the Federal Reserve is making progress in its arduous struggle to tamp down inflation.

“There is one front in the war on inflation that’s been an outstanding total victory for the Fed, and that’s the battle against financial speculation,” he said.

“With the immolation of crypto, the Fed’s job is almost complete, but they don’t seem to know it yet. … They’re just gearing up to throw people out of work to make it clear that inflation is a thing of the past,” he added.

The “Mad Money” host’s comments come after bitcoin, the world’s largest cryptocurrency, finished its worst month on record. The currency declined more than 38% in June while ether, the second-largest cryptocurrency by market capitalization, lost around 47% of its value.’

Source: https://www.cnbc.com/2022/06/30/cramer-feds-inflation-battle-is-nearly-done-with-collapse-in-crypto.html