Jim Cramer, who sold Bitcoin and his altcoins and bought a farm last year, again criticized cryptocurrencies on Wednesday, calling them “fake”.
Jim Cramer remains harsh on Bitcoin and altcoins
The legendary stockbroker called Wednesday’s Genesis bankruptcy news “my favorite today”. Genesis became the next crypto market player to go bankrupt nearly two months after stopping withdrawals. The crypto lending platform, which brought the news of bankruptcy to the agenda, held private meetings with different groups of creditors. The lending unit is shaken by the collapse of FTX, in which it has $175 million in locked funds, and warns of potential bankruptcy if it fails to raise new capital.
Cramer, on the other hand, called the tweet by Liz Ann Sonders, Managing Director and Chief Investment Strategist at Charles Schwab & Co., “Genesis is said to be planning to file for bankruptcy,” as “my favorite today”. He has been saying for a while that Solana, XRP and Dogecoin are ‘scams’.
In December, Cramer said he cashed out his crypto investments last year and bought a farm with his earnings. Now it comes to the fore with statements that all cryptocurrencies are fraudulent. Cramer, who is also known as a stockbroker, sold all his BTCs last year and instead bought a large amount of Ethereum (ETH). However, he sold his Ethereum position after learning that his bank was unwilling to accept it.
What about Genesis?
Digital Currency Group, the parent company of Genesis, was recently accused by Gemini of making false statements about Genesis’ solvency. Gemini co-founder Cameron Winklevoss has urged DCG’s board of directors to fire CEO Barry Silbert, saying he defrauded Gemini and that its users were unable to access the $900 million locked in a Genesis-linked product.
However, Silbert disputed this claim, saying that DCG owes Genesis $447.5 million, in addition to $78 million worth of Bitcoin due in May of this year. However, Genesis still has another $1.1 billion worth of promissory notes due in 2032.
cryptocoin.com We have included the timeline of the Genesis crisis in this article. Currently, Genesis is expected to file for bankruptcy this week. Genesis, part of the Digital Currency Group, is trying to cope with the liquidity crisis that became evident after the FTX crisis. The company has previously come to a head with the bankruptcy of DCG’s Three Arrows Capital.
Meanwhile, Genesis is a partner of the Earn program, an interest-earning program on the cryptocurrency exchange Gemini co-founded by Cameron Winklevoss. The suspension of withdrawals of the $900 million fund by Genesis also puts Gemini in a difficult position.
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