'I Wouldn't Touch Crypto in a Million Years' : Jim Cramer

Mad Money host mad at Crypto

Well Known T.V. personality Jim Cramer, who also hosts CNBC’s Mad Money show, warned of a red alert for the crypto. Cramer is a former hedge fund manager.

Recently, he stated that “I would not touch crypto in a million years because I wouldn’t trust the deposit bank.” Also, when asked about any difference in decentralized and centralized crypto companies. He replied that “They fought regulation. They didn’t want regulation and you don’t have regulation,” also noting his disbelief in the platforms who disagree over crypto regulations.

Earlier this month, Cramer warned crypto investors of a huge swamp ahead. Observing the recent market situation, he believes that crypto investors might incur huge losses. He remarked, that “You can’t just beat yourself up and say, ‘hey, it’s too late to sell.’ The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.”

The crypto industry is in some of its most trying times in its short history. Several shocks have rocked the ecosystem, the last big one being Sam Bankman-Fried led cryptocurrency exchange FTX filed for bankruptcy under Chapter 11 on November 11, 2022. SBF was arrested in his apartment in Bahamas at 6:00 p.m. on December 12, 2022. The FTX collapse has led over 1 million investors to suffer massive losses.

Crypto supporters are as hopeful as ever

Tim Draper, Investment mogul and Venture Capitalist, predicted that Bitcoin (BTC) will hit $250,000 levels by the second half of 2023. He informed via an email to a major U.S. based news outlet: “I expect a flight to quality and decentralized crypto like bitcoin, and for some of the weaker coins to become relics.”

In 2022 crypto markets, major downturn events, for example TerraUSD collapse and crypto’s ‘Lehman Brothers’ FTX moment, have wiped out billions of dollars out of the entire crypto industry. Leading to lower confidence among crypto investors and disbelief in a rapidly fluctuating market. But moving back to history, the markets have always recovered from any major downfalls like such.

Thestreet.com co-founder Cramer resumed, that “I’m just saying you are using a lot of blind faith, and I like to have my money at JPMorgan, and I check on Monday to see whether my balance is there. It feels good.”

“I think that everybody who owns these various coins — you know, solana, litecoin — I do think you are an idiot, okay. I did not go to college to get stupid. These people who own these things should not own them. They shouldn’t own them,” he added.

As per Bloomberg, veteran investor Mark Mobius predicted that BTC may drop 40% to $10,000 value in 2023, which has risen due to soaring interest rates and the hawkish policy stance maintained by the U.S. Federal Reserve.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing