CNBC's "Mad Money" host Jim Cramer took to Twitter on Wednesday to clear up his stance on cryptocurrencies, slamming what he referred to as "bogus" projects.
The prominent stockpicker manager has been known for his fluctuating opinions on Bitcoin and other cryptocurrencies over the years, but his recent tweet made his current view clear. "Understand I am not against crypto and have done quite well with it," Cramer tweeted. "I am against BOGUS crypto and outfits that stole your money and wouldn't let you have it back."
Cramer's tweet comes after his recent commentary on the U.S. Securities and Exchange Commission's (SEC) lawsuit against Binance, the world's largest cryptocurrency exchange.As reported by U.Today, he called the lawsuit "devastating" and suggested that the allegations could significantly impact the company's future.
In the ebb and flow of the crypto tide, Cramer has often shifted his stance. Prior to 2021, he viewed Bitcoin as an alternative to large cash positions and a hedge against inflation.
However, by the close of 2022, his enthusiasm started to cool. As Bitcoin and Ethereum tumbled more than 65% by year-end, he began to question the crypto landscape, dubbing it a "gigantic con."
As 2023 rolled in, Cramer's skepticism hardened into a concrete barrier. Warning viewers about the obscurity surrounding ownership and the hurdle-ridden path to withdrawing funds from certain firms, he steered his audience away from cryptocurrencies. Despite Bitcoin's recent rally, he touted gold as a more solid cornerstone for investment.