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 take “a big hit” on the crypto industry.
Crypto Warnings by Jim Cramer
CNBC show Mad Money host Jim Cramer has issued more warnings about cryptocurrencies. 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 custodian.
He was then asked whether he differentiated between centralized and decentralized platforms. “They fought against regulation. You didn’t want regulation and you don’t have regulation,” Cramer replied, implying that he doesn’t trust platforms that don’t want regulation.
The Mad Money host continued:
I’m just saying you put a lot of blind faith in it and I like my money with JPMorgan and I’ll check my balance on Monday. It feels good.
“Try to get your money out,” he advised crypto investors, adding when he had money with a crypto firm, “It was a struggle to get the money out — a struggle!”
I think anybody 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 shouldn’t own them. You shouldn’t own them.
Jim Cramer calls on the SEC to conduct a major crypto sweep
Cramer also commented on U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, stating that existing securities laws are sufficient to regulate the crypto industry. He wants the SEC to “take on and enforce” crypto firms.
The Mad Money host added:
I think they need to do a big sweep. You have to stop people from making money.
“It’s money-making by morons. I don’t think fools should make money and then drag people in. That’s worse than even the worst Nasdaq stocks,” Cramer concluded.
The Mad Money host used to invest in bitcoin, ether, and non-fungible tokens (NFTs), but it sold all of its 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 exit “a terrible position.”
What do you think of Jim Cramer’s warnings about the danger of crypto investing? Let us know in the comment section below.
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