CNBC’s mad money host Jim Cramer has implored crypto investors to “sell everything”, terming the sector as a house of cards.
The veteran markets reporter made the utterances Tuesday when asked about his thoughts on the ongoing crypto sector onslaught, particularly with the massive jobs cuts by Coinbase.
“This whole thing is just a house of cards,” Cramer,67, said during an interview with Squawk Box host Andrew Ross. “I don’t think anyone should be in any of these. I think everything should be sold,” he added.
He went on to criticize Non-Fungible Tokens (NFT), suggestively referencing them as one of the biggest examples of all that is wrong with crypto.
“Does anyone really own NFTs? I don’t even know what to do with a fungible token. What do you do with a non-fungible token?” he asked.
He went on to warn that the SEC would soon come knocking, potentially toppling crypto prices further as Gary Gensler “has had it”.
“There isn’t anything that’s not going to be manipulated and investigated, and the SEC is going to come in and sweep everything.”
Cramer’s comments come after he referred to investors who own various cryptocurrencies as idiots last month, asking the US Securities and Exchange Commission (SEC) to conduct “a big sweep” on the crypto sector. At the time, the former hedge fund manager told CNBC that he “would not touch crypto in a million years because I wouldn’t trust the deposit bank” and advised crypto investors to try getting their money out.
That said, Cramer’s messages have often been downplayed by the crypto community, more so for making market forecasts that turned out to be wrong.
“Thanks for the bottom signal Jim Cramer,” one tweep commented after Cramer’s latest warning.
“For 25 years, I have listened to JC. I came to view him as entertainment and self-serving. I watched him get banned from CNBC. I saw him implode at a Robin Hood charity benefit as his The Street.com stock price collapsed. I would never put any value on his recommendations,” another said.
Since 2020 the Mad Money host had been a strong advocate for Bitcoin and Ether before he sold his stash in mid-2021, citing ransomware and china’s bitcoin crackdown concerns. Last week, he advised investors to drop crypto from their balance sheet, stating that “it’s not too late to get out of ANYTHING created or related to crypto”.