CNBC’s Mad Money host Jim Cramer has once again attacked crypto investors, saying he wouldn’t get into it “in a million years”.
In an interview on Friday, Cramer spoke out against crypto market participants who hold various crypto assets such as Solana and Litecoin, calling them “idiots”. He said:
“I wouldn’t touch crypto in a million years because I wouldn’t trust a deposit bank.”
"I would not touch crypto in a million years, because I wouldn't trust the deposit bank," Jim Cramer says while discussing the fallout of the collapse of FTX. https://t.co/0VbM5tYThE pic.twitter.com/9kqVMvbSOw
— CNBC (@CNBC) December 23, 2022
The well-known Wall Street pundit, who was discussing the fallout of FTX’s collapse, also expressed concern about decentralized exchanges and claimed that he would not trust these platforms as they are not regulated.
“They fought regulation. They didn’t want regulation and you don’t have regulation,” Cramer said, suggesting that he doesn’t trust any platform that doesn’t want regulation. He added:
“I’m just saying you’re using too much blind faith, and I like to keep my money at JP Morgan, and I check on Monday to see if I have a balance. That’s good.” is feeling.”
“Try withdrawing your money,” Cramer said, claiming that he has never had a good experience withdrawing his money from a crypto company. “It was a fight to get the money out – a fight!”
Most of Cramer’s digital assets have lost nearly 70% of their value from their all-time highs so far this year amid the recent market downturn.
Bitcoin, the world’s largest crypto exchange, has been hovering around the $17,000 mark since the beginning of November, which is almost 75% lower than the ATH of $68,789.63 recorded in November 2021. Similarly, Ethereum is down about 75% from its . ATH of $4,891. Cramer said:
“I think everybody who owns these different coins – you know, Solana, Litecoin – I think you’re an idiot, right. I didn’t go to college to be an idiot. These people who own these things They should not own them, they should not own them.
The renowned investor also called on US Securities and Exchange Commission (SEC) chairman Gary Gensler to “come and enforce” crypto firms, claiming that securities laws are sufficient for regulation of the crypto industry.
“I think they need to do a big sweep. They need to stop people making money. This is money creation by cretins. I don’t think cretins should make money and then attract people. This Nasdaq Worse than the worst of stocks.
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