Earlier today, CNBC host Jim Cramer spoke out against cryptocurrencies, calling them "the creation of money by cretins" and telling Litecoin holders that they are "idiots."
“I think that everyone who owns these various coins…Litecoin…I do think you are an idiot. I did not go to college to get stupid. These people who own these things should not own them,” he said.
Cramer also said he would never invest in crypto himself due to his concern about the lack of regulation and trusting a deposit bank.
He recounted a personal incident trying to get his money back from a crypto firm, a process that he characterized as frustrating.Meanwhile, Cramer urges the U.S. Securities and Exchange Commission to crack down on the cryptocurrency sector to end the “creation of money by cretins” that is currently happening unchecked in this industry. “I think they need to do a big sweep. They have to stop having people create money. It’s the creation of money by cretins. These are worse than even the worst Nasdaq stocks,” Cramer stressed.
Finally, the CNBC host expressed a preference for traditional banks like JPMorgan Chase Bank. “I like to have my money at JPMorgan, and I check on Monday to see whether my balance is there. It feels good,” he said.
As reported by U.Today, the superstar CNBC host recently warned that such cryptocurrencies as XRP, Cardano (ADA), and Dogecoin (DOGE) might end up collapsing to zero.