Jim Cramer Urges SEC to Do Big Crypto Survey – Says ‘I Won’t Touch Crypto in a Million Years’ – Featured Bitcoin News
Mad Money host Jim Cramer says he won’t touch cryptocurrency in a million years. He called investors who own many cryptocurrencies idiots and urged the US Securities and Exchange Commission (SEC) to make a “major sweep” of the cryptocurrency industry.
Jim Cramer’s Crypto Warnings
CNBC’s Mad Money host Jim Cramer has issued more warnings about cryptocurrency. Kramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He said on CNBC Friday:
I won’t touch cryptocurrency in a million years because I won’t trust a depository bank.
Then he was asked if he distinguishes between centralized and decentralized platforms. They fought the organization. Cramer replied “They don’t want regulation and you don’t have regulation”, indicating that he doesn’t trust any platforms that don’t want regulation.
Follow the Mad Money host:
I’m just saying you use a lot of blind faith, I like to have my money in JPMorgan, and check on Mondays to see if my credit is there. You feel good.
“Try to get your money out,” he advised crypto investors, adding that when he had money in a crypto company: “It was a fight for the money — a fight!”
I think everybody owns these different currencies– you know, Solana, Litecoin– I think you’re an idiot, okay. I didn’t go to college to be stupid. Those people who have these things must not have them. They shouldn’t have it.
Jim Cramer calls on the SEC to conduct a major cryptocurrency survey
Cramer also commented to US 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 “step in and enforce” crypto companies.
The Mad Money host added:
I think they need to do a big sweep. They have to stop people from creating money.
“It’s the creation of money by cretins. I don’t think cretin should create money and then suck people out. These are even worse than the worst Nasdaq stocks,” Kramer concluded.
The Mad Money host used to invest in bitcoin, ether, and non-fungible tokens (NFTs), but sold all of his cryptocurrency holdings last year. Cramer advised investors to avoid investing in speculative assets, including cryptocurrencies, while the Federal Reserve continues to tighten the economy. Earlier this month, he advised investors to get out of cryptocurrency, 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 investing in cryptocurrency? Let us know in the comments section below.
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