The famed Wall Street pundit, who was discussing the aftermath of the FTX crash, even expressed concern about decentralized exchanges, arguing that he would not trust these platforms because they are unregulated.
“They fought regulation. They didn’t want regulation and you don’t have regulation,” Cramer said, suggesting not to trust any platform that doesn’t want regulation. He added:
“I’m just saying you’re using a lot of blind faith, and I like having my money at JPMorgan, and I check on Monday to see if my balance is there. It feels good.”
“Try to withdraw your money,” Cramer said, claiming he hasn’t had a good experience withdrawing his money from a crypto company. “It was a fight to get the money – a fight!”
Cramer’s comments come as most digital assets have lost about 70% of their value from their all-time highs so far this year due to the recent market downturn.
Bitcoin, the world’s largest cryptocurrency exchange, is hovering around $17,000 since early November, which is down nearly 75% from its ATH of $68,789.63 recorded in November 2021. Similarly, Ethereum is about 75% down from its ATH of $4,891. cramer said:
“I think everyone who owns these various coins – you know, solana, litecoin – I think you’re an idiot, okay. I didn’t go to college to be stupid. These people who own these things shouldn’t own them. They shouldn’t own them.
The famous investor also called on US Securities and Exchange Commission (SEC) chairman Gary Gensler to “come and enforce” cryptocurrency companies, arguing that securities laws are adequate for regulating the cryptocurrency industry .
“I think they need to do a big sweep. They have to stop people from creating money. It’s money creation by jerks. I don’t think jerks should create money and then suck people in. These are worse than even the worst stocks on the Nasdaq.