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Jim Cramer: NFTs Don't Show the Real Economy

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Jim Cramer thinks that "We keep trying to typify the moment, or judge it somehow by the past because of the strangeness of so much that we see every day," wrote Cramer in his Real Money column on Thursday morning.

"I understand the need to do so. We have people trying to put prices on things that didn't exist -- think non-fungible tokens -- and we have others who tell us that things that have moved gigantically really haven't moved at all yet -- think bitcoin. We have rallies in lumber and copper that indicate inflation is raging. We have housing prices through the roof. And new highs in stocks. Isn't it all just too much? Doesn't everything have to collapse?" he asked.

What Is an NFT? TheStreet's Experts Explain

"That notion, the notion that everything is too crazy and is doomed to end poorly, no doubt because Jay Powell will, at last, come to his senses, is the prevalent journalistic view of the moment. Plenty of traditional money managers agree with that sentiment. Why not? Too many people are getting rich and the last time that happened was 2000 and we all remember what a disaster that was," Cramer wrote.

Watch TheStreet Live: Everything Jim Cramer Is Watching Thursday.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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