Mad Money host Jim Cramer said: I am advising to “It’s never too late to sell a terrible position,” he stressed. Regarding FTX, Cramer predicted that the collapsed trading platform “wouldn’t be the last time these crypto exchanges go down.”
Jim Cramer’s Latest Crypto Advice
Jim Cramer, host of CNBC’s Mad Money show, announced that following the collapse of crypto exchange FTX, crypto Advised the investor to sell the currency. Cramer is a former hedge fund manager, where he co-founded Thestreet.com, his website for financial news and literacy. He said on Monday:
Don’t beat yourself up and say, “It’s too late to sell.” The truth is, it’s never too late to sell a bad position. What you have if you own these so-called digital assets.
The Mad Money host, who previously invested in Bitcoin, Ethereum and non-fungible tokens (NFTs), sold all of his crypto holdings last year. did. “I said I sold Bitcoin and Ethereum a long time ago…and used the proceeds to buy a very nice farm,” he shared. He has advised investors to avoid investing in speculative assets, including cryptocurrencies, while the council continues to tighten the economy. No, he warned that some cryptocurrencies, such asXRP, Dogecoin, Cardano, and Polygon, could go to zero. Noting that the stablecoin Tether (USDT) “still has a $65 billion market cap,” Cramer said: Not much different from what happened with bad stocks during the dotcom collapse.
Cramer also shared his thoughts on the FTX implosion. The cryptocurrency exchange founded by Sam Bankman-Fried (SBF) filed for Chapter 11 bankruptcy on Nov. 11, leaving an estimated 1 million customers and investors to lose billions in its collapse. lost a dollar The company is currently under investigation for mishandling customer funds and other charges.
Mad Money Host Opinion:
I am confident that FTX will not be the last of these cryptocurrency exchanges to go down.
Last week Kramer called Bankman-Fried a pathological liar, a fraud and an ignorant idiot. “Intent means nothing. Saying sorry means nothing. If you mix things up or don’t keep records, they’re against the law,” he stressed.
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