Mad Money host Jim Cramer says he wouldn’t touch cryptocurrencies in a million years. He called investors who own various altcoins idiots and called on the US Securities and Exchange Commission (SEC) to do a “big crackdown” on the cryptocurrency industry.
Jim Cramer’s Crypto Alerts
CNBC’s Mad Money host 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 told CNBC on Friday:
I wouldn’t touch cryptocurrencies in a million years because I wouldn’t trust a depository bank.
He was then asked if he differentiates between centralized and decentralized platforms. “They fought against regulation.” They didn’t want regulation and you don’t have regulation,” Kramer replied, indicating that he doesn’t trust any platform that doesn’t want regulation.
Host Mad Money continued:
I’m just saying you’re taking a lot of blind faith, and I like to have my money at JPMorgan, and I check my balance there on Monday. That pleases.
“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 various coins – you know, salt pan, litecoin – I think you’re idiots, okay. I didn’t go to college to become stupid. These people who own these things should not own them. They shouldn’t own them.
Jim Cramer calls for SEC to conduct a major review of cryptocurrencies
Cramer also commented on US Securities and Exchange Commission (SEC) Chairman Gary Gensler, stating that existing securities laws are adequate to regulate the crypto industry. He wants the SEC to “come and enforce” crypto firms.
Host Mad Money added:
I think they should do a big operation. They have to stop people from creating money.
“It’s money making by morons.” I don’t think jerks should create money and then suck people up. These are worse than even the worst Nasdaq stocks,” Cramer concluded.
The Mad Money host has invested in Bitcoin, Ether, and Non-Fungible Tokens (NFTs), but sold all of his cryptocurrencies last year. Cramer advised investors to avoid investing in speculative assets, including cryptocurrencies, as the Federal Reserve continues to tighten the economy. Earlier this month, he advised investors to get out of cryptocurrencies, 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 dangers of crypto investing? Let us know in the comments section below.
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