Jim Cramer, the host of the Mad Money show, advised crypto investors to get rid of their crypto assets. His advice came after the collapse of the well-known crypto exchange FTX. Former hedge fund manager Cramer is a co-founder of the financial news and education website Thestreet.com.
On Monday, Jim Cramer said, “You can’t just beat yourself up and say, ‘hey, it’s too late to sell.’ The truth is, it is never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.”
Cramer was an investor until he sold all his 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.”
Jim Cramer advised investors to stay away from speculative assets such as crypto, bitcoin, and Ethereum while the Federal Reserve works to tighten the economy. He specified that coins such as XRP, dogecoin, Cardano, and Polygon could fall to zero with no relation to their market cap.
He mentioned, “There’s still a whole industry of crypto boosters trying desperately to keep all of these things up in the air – not too different from what happened with bad stocks during the dotcom collapse.”
FTX
The Mad Money show host also shared his views on the FTX collapse. He said, “I am betting FTX won’t be the last of these crypto exchanges to go down.”
Cramer has accused Bankman Fried, the founder of FTX, of being a pathological liar, an idiot, and a conman. In his words, “Intent means nothing. Saying sorry means nothing. If you commingle, if you had no record keeping, those are against the law.”