Mad Money host Jim Cramer says he wouldn’t touch crypto in a million years. He called investors who own various altcoins idiots and urged the US Securities and Exchange Commission (SEC) to do “a big sweep” on the crypto industry.
Jim Cramer’s Crypto Warnings
The host of CNBC’s Mad Money show, Jim Cramer, has issued several warnings about cryptocurrency. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He said on CNBC on Friday:
I wouldn’t touch crypto in a million years because I wouldn’t trust the deposit bank.
He was then asked if he distinguishes between centralized and decentralized platforms. “They fought against regulation. They didn’t want regulation and you don’t have regulation,” Cramer responded, indicating that he doesn’t trust any platform that doesn’t want regulation.
The Mad Money host continued:
I’m just saying you’re taking a lot of blind faith and I like to keep my money with JPMorgan and I’ll check on Monday to see if my balance is there. It feels good.
“Try to get your money out,” he advised crypto investors, adding that when he had money in a crypto firm, “It was a struggle to get the money out — a struggle!”
I think anyone who owns these different coins – you know, solana, litecoin – I think you’re an idiot, okay. I didn’t go to college to be stupid. These people who own these things should not own them. They shouldn’t own them.
Jim Cramer is urging the SEC to do a big crypto sweep
Cramer also commented on the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, stating that existing securities laws are sufficient for regulating the crypto industry. He wants the SEC to “come and enforce” crypto firms.
The Mad Money host added:
I think they need to do a big sweep. They must stop people who create money.
“It’s the creation of money by cretins. I don’t think cretins should create money and then suck people in. These are worse than even the worst Nasdaq stocks,” Cramer concluded.
The Mad Money host used to invest in bitcoin, ether and non-fungible tokens (NFT), but he sold all his crypto holdings last year. Cramer has advised investors to avoid investing in speculative assets, including crypto, as the Federal Reserve continues to tighten the economy. Earlier this month, he advised investors to get out of crypto, stressing that it’s never too late to get out of “a terrible position.”
What do you think of Jim Cramer’s warnings about the danger of crypto investing? Let us know in the comments section below.
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