A CNBC host on the Fast Money segment has drawn the attention of some cryptoinvestors after loudly stating on the show “Sell the house, sell the car, sell the kids. Buy Litecoin!” The grand proclamation was a result of the 400% or so increase in the price of Litecoin.
Will #Bitcoin sizzle or fizzle this summer after racing 130% higher so far this year? Our traders discuss. pic.twitter.com/LYEDSKfVJd
— CNBC's Fast Money (@CNBCFastMoney) May 28, 2019
It should be known that CNBC has a wonky relationship with cryptocurrencies. One crypto enthusiast, Jacob Canfield, who runs his own trading signal site, had released a chart that showed that CNBC right 95% right with contrarian accuracy in its claims about the crypto market.
Litecoin Foundation director, Franklyn Richards, has talked about the rise in price, saying,
Price has by far and away ran away from any on-chain metrics, meaning while this growth is positive it is not currently sustainable and we could see a pullback. Otherwise, we may risk finding ourselves in another bubble scenario sooner than we realize.
CNBC will soon release a documentary on Bitcoin (BTC). The description of it is as follows,
This original documentary employs pop culture, captivating imagery and a hip-hop score (a staple in crypto-culture) as it follows a wide range of fascinating characters, each with their own passionate argument either for or against bitcoin.
