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Mad Money host Jim Cramer has advised investors to sell their crypto, stressing that “it’s never too late to sell a terrible position.” As for FTX, Cramer predicted that the collapsed trading platform “will not be the last of these crypto exchanges to go down.”
The host of CNBC’s Mad Money show, Jim Cramer, has advised investors to sell their cryptocurrencies following the collapse of crypto exchange FTX. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He said on Monday:
You can’t just look yourself up and say “hey, it’s too late to sell”. The truth is, it’s never too late to sell a terrible position, and that’s what you have if you own these so-called digital assets.
The Mad Money host used to invest in bitcoin, ether and non-fungible tokens (NFTs), but sold all of his crypto holdings last year. “I told you I sold bitcoin and ethereum a long time ago… and used the proceeds to buy a really nice farm,” he shared.
He has advised investors to avoid investing in speculative assets, including crypto, as the Federal Reserve continues to tighten the economy. He emphasized that investors should not be fooled by some coins’ inflated market cap, and warned that some cryptocurrencies – including XRP, dogecoin, cardano and polygon – could fall to zero. Noting that stablecoin tether (USDT) “still has a $65 billion market cap,” Cramer said:
There is still an entire industry of crypto boosters desperately trying to keep all these things afloat – not so different from what happened to bad stocks during the dotcom collapse.
Cramer also shared his thoughts on the FTX implosion. The crypto exchange founded by Sam Bankman-Fried (SBF) filed for Chapter 11 bankruptcy on November 11, and an estimated one million customers and investors lost billions of dollars in the collapse. The company is now being investigated for, among other things, mishandling of customer funds.
The Mad Money host said:
I bet FTX won’t be the last of these crypto exchanges to go down.
Last week, Cramer called Bankman-Fried a pathological liar, a fraud and a clueless idiot. “Intention means nothing. Saying sorry means nothing. If you interfere, if you had no record keeping, they are against the law,” he stressed.
Do you think investors should follow Mad Money host Jim Cramer’s advice on selling crypto? Let us know in the comments section below.
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