Benzinga - CNBC’s “Mad Money” host Jim Cramer on Thursday took to Twitter to clarify his stance on cryptocurrencies, making it clear that he is not against cryptocurrencies in general.
What Happened: However, he was quick to label certain projects as “bogus” and expressed his disdain for outfits that have stolen money from investors and refused to help them retrieve their investments.
"Understand I am not against crypto and done quite well with it. I am against BOGUS crypto and outfits that stole your money and wouldn’t let you have it back," he tweeted.
Cramer’s tweet follows his commentary on the ongoing lawsuit by the Securities and Exchange Commission (SEC) against Binance and Coinbase.
Understand i am not against crypto and done quite well with it. I am against BOGUS crypto and outfits that stole your money and wouldn't let you have it back— Jim Cramer (@jimcramer) June 22, 2023
During an episode of his show, he criticized Coinbase and Binance and highlighted the regulatory scrutiny these platforms are currently under, discussing the potential impact on the wider crypto ecosystem.
Cramer expressed concerns regarding Coinbase and Binance, calling the situation a “massive fraud.”
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Current Price: He specifically called out Coinbase for taking an aggressive approach to sidestep regulations, noting that “they just bulldozed their way in.”
He also mentioned the SEC’s recent action against Coinbase, describing it as an effort to ensure the exchange adheres to securities regulations. Cramer believes that the SEC is not looking to shut down Coinbase, but simply asking them to comply.
Cramer’s views on the crypto market have not always been consistent. Previously, in February 2021, he considered Bitcoin (CRYPTO: BTC) as an alternative to holding large amounts of cash and a hedge against inflation.
Price Action: At the time of writing, Bitcoin was trading at $30,053, down 0.85% in the last 24 hours, according to data from Benzinga Pro.
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