Mad Money Host Jim Cramer Believes the US Securities and Exchange Commission (SEC) would crack down on non-compliant cryptocurrency firms, and urges investors to get out of crypto now. He says it’s now possible to buy cryptocurrencies.
Jim Cramer’s Latest Crypto Warnings
CNBC’s Mad Money Host Jim Cramer is back with more warnings for crypto investors. Cramer, a former hedge fund manager and co-founder of Thestreet.com, is a website that provides financial news and literacy.
Following a joint statement from the governing body on cryptocurrency risks by the Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) on Wednesday, Cramer said on CNBC:
These statements, I believe, are just the beginning of what I’ve been asking for: that the SEC compile a list of all the [crypto firms] that are not in compliance.
Citing John Stark, who was the SEC’s Counsel for 18 years in the Enforcement Division, Cramer noted that Stark “is now calling for a sweep.” The Mad Money Host then emphasized:
He thinks the SEC will sweep everything, so I’m telling everyone: Get out of this.
“I see a lot of people, like John Stark, feeling that it’s just a big scam,” Cramer continued. He added that he expects former CEO of FTX, Sam Bankman-Fried (SBF) to be relevant to the SEC briefing.
Cramer clarified:
I’m not calling for a crypto-crash. I’m calling for the collapse and dissolution of the people behind the Ponzi schemes.
Despite the warnings, Cramer explained that “people are bidding” up cryptocurrency prices. He issued a warning to investors to exit cryptocurrencies as soon as possible. The Federal Reserve continued tightening of the economy and Cramer earlier advised investors to ditch cryptocurrency this month, stressing that it’s never too late. “It’s a horrible position,” he said. He also said cryptocurrencies would be safe for him in a million more years.
Regarding why the Bitcoin price is so stubborn at $16K, Cramer said on Friday: “Well, I’ll tell you what Stark said. Because it’s fake and a scam.” The Mad Money host concluded that cryptocurrency prices “are being supported by people who want to be backed, and that’s all there is to it.”
What do you think about Jim Cramer’s opinion about cryptocurrencies? Let us know what you think in the comments section.
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