In a call to investors on social media, CNBC’s “Mad Money” host Jim Cramer took on “fake” cryptocurrency projects on Thursday.
Jim Cramer, host of “Mad Money” on CNBC caught on Twitter Wednesday to clarify his stance on cryptocurrencies, slamming what he called “bogus” projects.
The prominent stockpicker manager is known for his fluctuating views on Bitcoin and other cryptocurrencies over the years, but his recent tweet has clarified his current view. “Understand that I’m not against crypto and I’ve done pretty well,” Cramer tweeted. “I’m against BOGUS crypto and outfits that stole your money and won’t let you get it back.”
Cramer’s tweet follows his recent comment on the US Securities and Exchange Commission’s (SEC) lawsuit against Binance, the world’s largest cryptocurrency exchange.
As reported by U.Today, he called the lawsuit “devastating” and suggested the allegations could have a significant impact on the company’s future.
In the ebb and flow of the crypto tide, Cramer has shifted his stance often. Prior to 2021, he viewed Bitcoin as an alternative to large cash positions and a hedge against inflation.
However, at the end of 2022, his enthusiasm began to cool. As Bitcoin and Ethereum fell more than 65% by the end of the year, he began to question the crypto landscape, calling it a “gigantic scam.”
As 2023 rolled around, Cramer’s skepticism hardened into a concrete barrier. Warning viewers of the darkness that surrounds the property and the rocky path to withdrawing funds from certain businesses, he drew his audience away from cryptocurrencies. Despite Bitcoin’s recent rally, it presented gold as a stronger cornerstone for investing.