Bitcoin isn't really an investment, it's just a gamble for most people -- and a "refuge" for those who live in countries like Venezuela that have shaky currencies, Jim Cramer says.

"If you're in a country that is falling apart, it is a refuge. If you're anybody else [and] it's not a refuge for you, it's a gamble -- [and] I'm not about gambling," Cramer said during his private conference call with members of his Action Alerts PLUS club for investors in early December.

Cramer said investing in bitcoin is little better than playing blackjack because there's no logic behind its price moves.

"No one's been able to tell me why it should go up or down," he said. "That's like playing cards."

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