CNBC’s Mad Money host Jim Cramer has lashed out at crypto investors once again, saying he wouldn’t get involved with it “in a million years.”
In an interview on Friday, Cramer spoke out against crypto market participants who hold various crypto assets like Solana and Litecoin, calling them “idiots.” He said:
“I would not touch crypto in a million years because I wouldn’t trust the deposit bank.”
The famed Wall Street pundit, who was discussing the fallout of the collapse of FTX, even expressed concerns regarding decentralized exchanges, claiming that he wouldn’t trust these platforms because they are not regulated.
“They fought regulation. They didn’t want regulation and you don’t have regulation,” Cramer said, suggesting that he does not trust any platforms that do not want regulation. He added:
“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,” Cramer said, claiming that he didn’t have a good experience withdrawing his money from a crypto company. “It was a fight to get the money out — a fight!”
Cramer’s comments come as the bulk majority of digital assets have lost around 70% of their value compared to their all-time highs so far this year amid the recent market downturn.
Bitcoin, the world’s largest crypto exchange, has been hovering around the $17,000 mark since the start of November, which is down by almost 75% compared to its ATH of $68,789.63 recorded in November 2021. Similarly, Ethereum is down by around 75% from its ATH of $4,891. Cramer said:
“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.”
The famed investor also called out Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), to “come on and enforce” crypto firms, claiming that securities laws are adequate for the regulation of the crypto industry.
“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.”