The day after SBF — the disgraced former CEO of FTX — got released from jail on a $250 million personal recognizance bond, former hedge fund manager Jim Cramer shared his thoughts on crypto.
Cramer is the host of CNBC show “Mad Money w/ Jim Cramer“. He is also a co-anchor of CNBC’s “Squawk on the Street“, as well as a co-founder of financial news website TheStreet.
On 23 December 2022, during an appearance on CNBC’s “Squawk on the Street”, Cramer told the program’s anchor Carl Quintanilla:
“One of the reasons was why I’m upset and and I think the SEC should be a little more over these things is when we look at a filing of a stock, you know who owns it. We don’t know what this guy is…
“I mean I sold all my crypto. I announced everything on TV what I did with crypto, but iIwould not touch crypto in a million years because I wasn’t trust the deposit bank… They fought regulation.They didn’t want regulation. And you don’t have regulation. So, if you have your money in any of those, look, I’m not calling you an idiot. I’m just saying you’re using a lot of blind faith…
“Try to get your money out… I’m not going to mention the firm that I had my money in, but it was a fight to get the money out. A fight. And i think that everybody who owns these various coins, you know, Solana, Litecoin, I do think you’re an idiot… I did not go to college to get stupid. These people who only these things should not own them…
“I think they need to do a big sweep. They have to stop having people creating money, Carl…. These are worse than even the worst Nasdaq stocks.“
On 16 December 2022, Cramer found what some in the crypto space might find a silly reason to be bearish on XRP ($XRP), Litecoin ($LTC), and Dogecoin ($DOGE).
During a conversation with Becky Quick, co-anchor of CNBC’s “Squawk Box”, Cramer had this to say about 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?“