Mad Money host Jim Cramer said: Doubts about the reliability of the cryptocurrency exchange Binance. “Why can’t the rep admit that Binance has no real legitimacy after what happened to FTX?” “Draft Kings would trust their money more than Binance
Jim Cramer Slams Binance
Jim Cramer, host of CNBC’s Mad Money show, questioned the credibility of cryptocurrency exchange Binance in a series of tweets this week. threw Cramer is a former hedge fund manager, where he co-founded Thestreet.com, his website for financial news and literacy. He tweeted on Friday:
Why are most cryptocurrencies worthless and no strategist saying they will sell? After what happened to FTX , Why can’t the person in charge admit that Binance has no real legitimacy?
The cryptocurrency exchange founded by Sam Bankman-Fried (SBF) It filed for Chapter 11 bankruptcy on November 11, leaving an estimated 1 million customers and investors to lose billions of dollars in its collapse. Bankman-Fried was arrested in the Bahamas and the US government, and multiple regulators filed fraud charges against his SBF and cryptocurrency exchange.
Mad also hosts Draftkings, a fantasy sports betting platform that is banned as illegal gambling inmany countries and US states. I compared binance. Cramer tweeted:
I trust my money in his Draftkings over Binance.
Just two days before he did, Kramer secretly asked his Twitter followers. Many users on social media platforms reacted to the Mad Money host, mocking that whatever company Cramer was against was likely to be a good buy.
Bitcoin developer and podcaster Matt Odell commented on Cramer’s Draftkings comparison: Unlike you, I keep my wealth to myself without trust. It’s called Bitcoin. Binance. Drafting king. chase bank. Everything needs trust. As trust erodes across our institutions, the value proposition for money with minimal trust will become apparent to many. “
Cramer said on his CNBC Thursday: Negative for XRP,LTC, and DOGE. Because we couldn’t find anyone to receive them… It’s like $80 billion worth of non-Bitcoin is destined to be wiped out. Last week, he advised investors to stay out of cryptocurrencies, stressing that “it’s never too late to sell a bad position.” Following the FTX meltdown, Cramer called Bankman-Fried a pathological liar, a cheater, and a clueless idiot. I invested in non-fungible tokens (NFTs), but sold all of my crypto holdings last year. “I said I sold Bitcoin and Ethereum a long time ago…and used the proceeds to buy a very nice farm,” he recently shared. Cramer has advised investors to avoid investing in speculative assets, including cryptocurrencies, while the Federal Reserve continues to tighten the economy.
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