Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
I trust my money in Draftkings more than I would Binance – Exchanges Bitcoin News
The host of Mad Money, Jim Cramer, has cast doubt on the reliability of the crypto exchange Binance. “Why can’t those in charge just admit that Binance has no real legitimacy after what happened with FTX?” he asked, adding, “I would trust my money in Draftkings more than I would trust Binance.”
Jim Cramer lashes out at Binance
The host of CNBC’s Mad Money show, Jim Cramer, cast doubt on the reliability of cryptocurrency exchange Binance in a series of tweets this week. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He tweeted on Friday:
Why are there no strategists saying that most cryptos are worthless, so sell them? Why can’t the people in charge just admit that Binance has no real legitimacy after what happened with FTX?
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. Bankman-Fried has been arrested in the Bahamas and the US government and several regulators have filed fraud charges against SBF and the crypto exchange.
The Mad Money host also compared Binance to fantasy sports betting platform Draftkings, which is banned as illegal gambling in many countries and US states. Cramer tweeted:
I would trust my money in Draftkings more than I would trust Binance.
Just two days before, Cramer cryptically asked his Twitter followers, “Do you feel as reassured by Binance as I do?” Many users on the social media platform responded to the Mad Money host, mocking that whatever company Cramer is against is likely to be a bargain.
Bitcoin developer and podcaster Matt Odell commented on Cramer’s Draftkings comparison: “I don’t need to trust either company. Unlike you, I hold my wealth myself without trust. It’s called bitcoin. Binance. Draftkings. Chase Bank. All require trust . As trust erodes through our institutions, the value of trust-minimized money will become apparent to many.”
Cramer said on CNBC Thursday: “I think you should be negative on crypto. I’m negative on XRP, LTC and DOGE because I haven’t been able to find anyone who will take them … There’s like $80 billion worth of not -Bitcoin Destined To Be Wiped Out Last week, he advised investors to get out of crypto, stressing that “it’s never too late to sell a terrible position.” After the FTX meltdown, Cramer called Bankman-Fried a pathological liar, a fraud and a clueless idiot.
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 recently shared. Cramer has advised investors to avoid investing in speculative assets, including crypto, as the Federal Reserve continues to tighten the economy.
What do you think of Jim Cramer’s comments on Binance and FTX? Let us know in the comments section below.
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