Mad Money host Jim Cramer has advised investors to sell their cryptocurrencies, emphasizing that “it is never too late to sell a bad position.” Regarding FTX, Cramer predicts that the crashed trading platform “will not be the last of these crypto exchanges to shut down.”
Jim Cramer’s Latest Crypto Advice
CNBC’s Mad Money host, Jim Cramer, advised investors to sell their crypto following the collapse of crypto exchange FTX. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and knowledge website. He said on Monday:
You can’t blame yourself and say, ‘hey, it’s too late to sell.’ The truth is it’s never too late to sell a bad position and that’s what you get if you own these so-called digital assets.
Host of Mad Money used for investment in bitcoin, ether and non-fungible tokens (NFT) but sold all of his crypto holdings last year. “I told you I sold my bitcoin and ethereum a long time ago… and used the proceeds to buy a very nice farm,” he shared.
He advised investors to avoid invest in speculative assets, including cryptocurrencies, while the Federal Reserve continues to tighten the economy. He emphasized that investors should not be misled by the inflated market capitalization of some coins, while warning that some cryptocurrencies – including XRP, dogecoin, cardano and polygon — can be reduced to zero. Note that stablecoin tether (USDT) “still has a market cap of $65 billion,” Cramer said:
There’s still an entire crypto-supporting industry that’s doing its best to sustain all of this – not too different from what happened to bad stocks during the dotcom crash.
Cramer also shared his thoughts on the FTX explosion. The cryptocurrency exchange founded by Sam Bankman-Fried (SBF) filed for Chapter 11 bankruptcy on November 11, and an estimated one million customers and investors have lost billions of dollars due to the bankruptcy. its downfall. The company is currently under investigation for mishandling customer moneyamong other costs.
The Mad Money host said:
I bet FTX won’t be the last crypto exchange to shut down.
Last week, Cramer Is called Bankman-Fried a sick liar, a fraudster, and a clueless idiot. “Intention means nothing. Saying sorry means nothing. If you go together, if you don’t have a record, it’s against the law,” he insisted.
Do you think investors should follow Mad Money host Jim Cramer’s advice on selling cryptocurrencies? Let us know in the comments section below.
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