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Jim Cramer Labels All Crypto Assets as ‘Scam’: Uptick Incoming?

Source – TheStreet

Jim Cramer, the host of CNBC’s Mad Money, has frequently expressed his views on the crypto industry. Often leaning towards a negative perspective, Cramer has utilized the current market conditions to caution his followers on Twitter and CNBC. During a recent episode of Mad Money, Cramer was seen labeling crypto assets scams. He said,

“Unlike the banks, these crypto assets all seem to be scams. I want you out of them.”

Further calling crypto exchanges “poppycock,” he said,

“Now, what do you do if you’re involved with these kinds of outfits? The same thing you should’ve done with the SPACs or the IPOs that were bad or the meme stocks a year and a half ago: get out now. Go buy T-bills. I’m not kidding. Just do that.”

Jim Cramer has received criticism due to his stock recommendations, which have raised doubts and skepticism. Given his track record of mostly inaccurate predictions, many people have started wagering against the forecasts made by the host of Mad Money. Therefore, the crypto community is viewing Cramer’s latest comments as a bullish signal.

Cramer urges crypto community to pull funds out of Binance

Right after SEC’s lawsuit against Binance came to light, Cramer took to Twitter to comment about the situation. He urged his 2 million followers to take their money out of the world’s largest crypto exchange. He tweeted,

If you have money with Binance, beat your fellow "investors" and get out as your assets are commingled… First out, might get money

— Jim Cramer (@jimcramer) June 6, 2023

After this tweet, numerous individuals within the community expressed a sense of relief. Many regarded these remarks as optimistic and went as far as proclaiming, the situation is now secure. This development also grabbed the attention of CZ. He said,

we will see soon enough.

— CZ Binance (@cz_binance) June 6, 2023

This wasn’t all. Cramer managed to mess with the Cardano community as well. While on air, Cramer mistakenly mentioned the cryptocurrency Cardano as “Car Danzo.” Charles Hoskinson, the founder of IOHK and Cardano, didn’t let the chance to poke fun at Cramer’s mistake slip away. Hoskinson humorously tweeted, “It’s Car Dano, Jim,” aiming to correct the Mad Money host.

The outcome for both Binance and Coinbase remains uncertain; however, the community appeared to be more optimistic after Cramer’s remarks.