Jim Cramer, CNBC’s Mad Money Host warned investors not to get caught up in the crypto hype despite everything Bitcoins BTC/USD recent gains. Instead, he advised investors to look to gold.

What happened: Cramer delved into the analysis presented by Garner, senior commodities market strategist and broker at DeCarley Trading, to look at the daily chart of bitcoin futures and the tech-heavy Nasdaq-100 since March 2021.

“Charts interpreted by Carley Garner suggest you need to ignore crypto cheerleaders now as Bitcoin bounces. And if you’re serious about wanting a real hedge against inflation or economic chaos, she says stick with gold. And I agree.” he said.

See more: Best Crypto Day Trading Strategies

Cramer pointed out that Bitcoin and other cryptocurrency prices are trading almost in lockstep, suggesting that they are not a currency or a stable store of value, but risky assets. He went on to say that it would be ridiculous for business owners to attempt and transact in shares of Facebook parent Metaplatforms Inc META or Google parent alphabet inc WELL Googlegiven their volatility and the same goes for Bitcoin.

Price promotion: BTC traded at $23,042 in the last 24 hours, up 1.45%, according to Benzinga Pro.

Continue reading: Bitcoin hovers around $23,000, Ethereum, Dogecoin fall amid Gemini job cuts report: Analyst says ‘a lot could still go wrong’

photo Courtesy: Mad Money on Wikimedia Commons