Mad Money Host Jim Cramer He is expecting the US Securities and Exchange Commission (SEC) to go after non-compliant cryptocurrency companies and urges investors to get out of cryptocurrencies immediately.
Cramer’s Latest Crypto Warnings
CNBC’s Mad Money Host Jim Cramer He is back with more warnings to cryptocurrency investors. Cramer was a former hedge fund manager and co-founder of Thestreet.com, a site that offers financial news and education.
Subsequent to a joint statement from the regulatory body on cryptocurrency risks from the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), Cramer remarked on Wednesday on CNBC:
These announcements appear to be the beginning of something. What I think you are asking is that the SEC start gathering all the [crypto firms] that are not compliant.
Citing John Stark, the SEC’s former counsel of more than 18 years with the Enforcement Division, Cramer stressed how important it is to note that Stark “is now calling for a sweep.” The Mad Money Host added emphasis:
So the SEC is saying it will sweep everyone, I’m telling everyone to get out of it.
“I see a lot of people like John Stark who feel that it’s just a big scam,” Cramer continued. He also said that he expected former CEO of FTX, Sam Bankman-Fried (SBF) to be an integral part of the SEC briefing.
Cramer clarified:
I’m not forecasting a crypto crash. I’m calling for the demise of the fraudulent schemes.
Despite the warning signs, Cramer pointed out that “people are bidding” cryptocurrency prices. He continued to caution investors that they should get out of cryptocurrency as soon as possible.
The Mad Money Host used to invest in bitcoin, Ethereum, and other non-fungible tokens, but he sold all his crypto last year. He advised investors that they should stay away from speculative assets like cryptocurrencies as the Federal Reserve tightens the economy. Earlier this month, he advised investors to get out of cryptocurrencies. He stressed that it was never too late to get out, calling it “a horrible position.” He also said that cryptocurrencies shouldn’t be touched in a million years.
As for why the bitcoin price is so stubborn at $16K, Cramer posted 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 supported, and that’s all there is to it.”
What do you think about this? Jim Cramer’s Opinion on cryptocurrencies Let us know in the comments section.
Image credit: Shutterstock, Pixabay, Wiki Commons
