On Dec. 23, 2022, CNBC’s Jim Cramer weighed in on the cryptocurrency sector after Sam Bankman-Fried was released on $250 million bail following the collapse of crypto exchange FTX, according to a CNBC report.
He said, “I would not touch crypto in a million years.” And spoke against crypto and called it “the creation of many by cretin” and added that the Litecoin holders are “idiots”.
Mr. Cramer said, “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 also noted that he would never invest in crypto himself as his main concern is the lack of regulation and trusting a deposit bank. He told of his personal incident trying to get his money back from a crypto firm, which he characterized as a frustrating process.
Additionally, Mr. Cramer urges the U.S. Securities and Exchange Commission (SEC) 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,” as Mr. Cramer emphasized.
Moreover, Mr. Cramer expressed his favor for traditional banks like JPMorgan Chase Bank, as he added “I like to have my money at JPMorgan, and I check on Monday to see whether my balance is there. It feels good.”
He also warned that cryptocurrencies like XRP, Cardano (ADA,) and Dogecoin (DOGE) might wind up collapsing to zero.
Bitcoin inspired, Litecoin is currently trading at the price of $65.45 USD and is down 0.58% in the last 24 hours. Its current market cap is $4.70 Billion and ROI is nearly 1422.19%.
The Co-Founder of Paxful, Ray Youssef, recently said that “I am not adding Litecoin, Cardano or Monero. We have bitcoin and stables, to add the rest would be uncivilized.” It must be noted that his announcement came just a few days after delisting Ethereum (ETH). Over which he said the top altcoin is essentially just another form of fiat currency.
Source: https://www.thecoinrepublic.com/2022/12/24/cnbcs-jim-cramer-called-litecoin-holders-idiot/