CNBC host Jim Cramer has been coming to the fore with his negative criticisms of Bitcoin and altcoins recently. The negative attitude of Cramer, who praised and bought cryptocurrencies like Ethereum (ETH) last year, continues to attract attention. In his latest statements, Cramer specifically targeted investors who invested in the two altcoins. He called these investors “stupid”. Here are the details…
Jim Cramer calls these altcoin holders “stupid”
cryptocoin.com As we have also reported, Cramer, who frequently featured on cryptocurrencies on CNBC’s Mad Money program and explained his comments, changed his stance after cryptocurrencies entered the bear market and experienced a loss in value recently. In his latest statements, Cramer targeted Litecoin (LTC) and Solana (SOL) holders. Cramer stated that cryptos are “money created by idiots.” Moreover, he told Litecoin holders that they were “stupid”. Cramer used the following statements:
I think anyone who owns these various coins… Litecoin to Solana… I think you are an idiot. I didn’t go to college to be stupid. People with such assets should not have them.
Cramer also cited concerns about the lack of regulation and reliance on a deposit bank. He said he would never invest in crypto because of these concerns. He pointed out that he went through a frustrating process trying to get his money back from a crypto firm. As it is known, Cramer announced that he has invested in Ethereum and Bitcoin in the past period. Bitcoin and Ethereum are the largest cryptocurrencies by market capitalization. BTC has a market capitalization of $323 billion, while Ethereum has a market cap of $146 billion.
Cramer calls for regulation
Meanwhile, Cramer urged the US Securities and Exchange Commission (SEC) to put pressure on the cryptocurrency industry. Cramer claimed that “idiots are creating money uncontrollably” in this industry at this time. He called on the SEC to end it. Cramer used the following statements:
I think they need to do a big scan. They have to stop people making money. These are coins created by idiots. These are worse than even the worst Nasdaq stocks.
Finally, the CNBC host stated that he prefers traditional banks such as JPMorgan Chase Bank. “I love having my money at JPMorgan,” he said. He also said, “On Monday I check to see if my balance is there. It feels good,” he added. As reported, the popular CNBC host recently warned that cryptocurrencies like XRP, Cardano (ADA) and Dogecoin (DOGE) could fall to zero.
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