In light of the ongoing federal investigation into crypto mogul Barry Silbert’s Digital Currency Group, Jim Cramer is warning investors to be careful. The CNBC host tweeted that now is not too late to get out of any investments related to crypto.
As reported by U.Today, Cramer recently called crypto “the creation of money by cretins.” He was particularly harsh to Litecoin holders, claiming that they are “idiots.”
According to the famous financial presenter, he would never consider investing in cryptocurrencies due to regulatory uncertainty.
He also brought up a personal experience involving a crypto firm from which he struggled to withdraw his funds.
Consequently, the financial analyst suggested that U.S. Securities and Exchange Commission should investigate the cryptocurrency marketRecently, Cramer also argued that Binance "has no real legitimacy and no real substance behind it."
The comments from the CNBC host are yet another example of conventional wisdom questioning the long-term prospects for digital assets. While the cryptocurrency space has become more widely accepted by investors over the last few years, there are many skeptics who view these digital assets as unbacked and unreliable investments.
Tomiwabold Olajide
Godfrey Benjamin
Arman Shirinyan
