On Friday (16 December 2022), former hedge fund manager Jim Cramer found what some in the crypto space might find a silly reason to be bearish on XRP ($XRP), Litecoin ($LTC), and Dogecoin ($DOGE).
Yesterday, during a conversation with Becky Quick, co-anchor of CNBC’s “Squawk Box”, Cramer shared his thoughts on crypto:
“I think you should be negative on crypto… I’m negative on the XRP, the Litecoin, and the Dogecoin because I’ve yet to find anybody who really takes them… These’s like 80 billion dollars with a non-Bitcoin that are really destined to be wiped out, and there are still people who conflate blockchain with them. And i keep saying if blockchain is so great, why would the geniuses at Amazon and Alphabet use blockchain?“
Sadly, Cramer, who does not seem remotely interested in crypto, especially for a brief period when he bought (and later sold) Bitcoin and Ethereum for speculation purposes, does not seem to realize that there are many businesses within the U.S. and elsewhere in the world that accept crypto (including all three cryptocurrencies that Cramer seems to dislike so much) as a means of payment (thanks to crypto payment processors such as BitPay).
For example, since March 2021, the NBA team “Dallas Mavericks” — which is owned by billionaire investor Mark Cuban, who has appeared as a guest on CNBC many times — have been accepting $DOGE and several other popular cryptocurrencies.
On 5 December 2022, Cramer offered some words of advice for crypto investors who have unrealized losses on some of their positions.
According to a report by CNBC, Cramer said on “Mad Money”:
“You can’t just beat yourself up and say, ‘hey, it’s too late to sell.’ The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets…
“Tether, a so-called stablecoin that’s supposed to be kinda-sorta pegged to the dollar, still has a $65 billion market cap… There’s still a whole industry of crypto boosters trying desperately to keep all of these things up in the air — not too different from what happened with bad stocks during the dotcom collapse.“
On 1 December 2022, Cramer made it very clear how he feels about Sam Bankerman-Fried (aka “SBF”), the disgraced co-founder and former CEO of bankrupt crypto exchange FTX.
When his CNBC colleague Andrew Ross Sorkin asked Cramer on “Squawk Box” what he thought about SBF’s comments at the DealBook Summit interview and Federal Reserve Chair Jerome Powell’s comments about the U.S. economy at the Brookings Institution, Cramer replied:
“One’s just a total con artist, disgusting, makes me sick. The other guy did a good job. I thought he told a good story… I think that Sam whatever – I don’t even want to dignify his full name anymore – is just a con artist, as many of the people who talk about crypto believe coming on the show.“