The host of Mad Money, Jim Cramer, says he would not touch crypto in a million years. He called investors who own various altcoins idiots and urged the U.S. 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 more 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 Friday:
I would not touch crypto in a million years because I wouldn’t trust the deposit bank.
He was then asked whether he is making a distinction between centralized and decentralized platforms. “They fought regulation. They didn’t want regulation and you don’t have regulation,” Cramer replied, indicating that he does not trust any platforms that do not want regulation.
The Mad Money host continued:
I’m just saying you are using a lot of blind faith, and I like to have my money at JPMorgan, and I check on Monday to see whether my balance is there. It feels good.
“Try getting your money out,” he advised crypto investors, adding that when he had money at a crypto firm: “It was a fight to get the money out — a fight!”
I think that everybody who owns these various coins — you know, solana, litecoin — I do think you are an idiot, okay. I did not go to college to get stupid. These people who own these things should not own them. They shouldn’t own them.
Jim Cramer Calls on SEC to Do a Big Crypto Sweep
Cramer also commented on the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, stating that existing securities laws are adequate for the regulation of the crypto industry. He wants the SEC to “come on and enforce” crypto firms.
The Mad Money host added:
I think they need to do a big sweep. They have to stop people creating 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 (NFTs) but he sold all his crypto holdings last year. Cramer has been advising investors to avoid investing in speculative assets, including crypto, while the Federal Reserve continues to tighten the economy. Earlier this month, he advised investors to get out of crypto, emphasizing that it is never too late to exit “an awful position.”