Earlier today, CNBC anchor Jim Cramer criticized cryptocurrencies, referring to them as “the invention of money by cretins” and saying Litecoin investors are “idiots.”
Additionally, Cramer said that he would never invest in crypto owing to his concerns about the lack of regulation and his reliance on deposit banks. He described as frustrating his experience attempting to get his money back from a crypto company.
In the meanwhile, Cramer wants the U.S. Securities and Exchange Commission to tighten down on the cryptocurrency business in order to stop the “production of money by cretins” that is now uncontrolled in this field. “They really need to perform a massive clean-up, in my opinion. They must cease having individuals manufacture money. It is the invention of currency by idiots. These equities are significantly worse than the weakest Nasdaq companies,” Cramer said.
The CNBC host favored established institutions such as JPMorgan Chase Bank. “On Mondays, I always double-check to make sure my preferred bank, JPMorgan, has a positive balance for me. It feels great,” he said.
According to U.Today, the renowned CNBC anchor recently predicted that cryptocurrencies such as XRP, Cardano (ADA), and Dogecoin (DOGE) might collapse to zero.
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