When it comes to crypto, Mad Money’s Jim Cramer, a prominent TV host and financial commentator, has often been seen as having an inconsistent stance, despite gaining significant attention and a large following for his insights into the world of investments.
Nonetheless, he recently turned to Twitter to shed light on his specific grievances with digital assets, clarifying that his criticisms are aimed primarily at what he refers to as “bogus crypto” projects.
In his tweet, Cramer emphasized that his reservations and skepticism are not directed at the entire digital currency market as a whole but rather at specific projects and tokens he deems as fraudulent or lacking genuine value.
Mad Money’s Jim Cramer Clarifies Stance On Crypto
Cramer’s evolving narrative on bitcoin indicates a growing recognition of the potential of blockchain technology and digital assets. While he had previously expressed skepticism, his recent remarks suggest a nuanced perspective that distinguishes between legitimate projects and those that may exploit investors.
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
Cramer’s tweet followed his commentary on the SEC’s lawsuit against Binance, which has been a significant development in the digital currency industry. The legal action has raised concerns about the regulatory oversight and potential risks associated with cryptocurrency exchanges.
Jim Cramer. Image credit: CNBC
To provide background, the Securities and Exchange Commission (SEC) recently took legal action against Binance, a prominent cryptocurrency exchange, and its founder Changpeng Zhao.
The SEC filed charges against them, accusing them of violating securities laws. This development had a significant negative impact on the entire digital currency industry, leading to a decline in the value of major coins.
Cramer’s Assessment Of The Binance Case
In recent comments, Cramer expressed his strong opinion on the SEC’s lawsuit against Binance, characterizing it as devastating and raising questions about the legitimacy of the company.
Cramer stated, “the Binance brief by the SEC is so devastating that the defenders of this company will have to do some serious soul-searching and expend real capital to maintain what looks to be a sham.”
Today those who toil daily to prop up crypto coins will have to work in overdrive. The Binance brief by the SEC is so devastating that the defenders of this company will have to do some serious soul-searching. and expend real capital to maintain what looks to be a sham
— Jim Cramer (@jimcramer) June 6, 2023
As of today, cryptocurrencies have a market cap of $1.13 trillion. Chart: TradingView.com
According to Cramer, the SEC’s legal action against Binance serves as a wake-up call, shedding light on systemic issues within the cryptocurrency industry.
His remarks imply that the lawsuit goes beyond the specific allegations against Binance and exposes broader concerns about the integrity and credibility of certain players in the crypto space.
Cramer in December expressed his lack of trust in Binance, comparing it unfavorably to DraftKings, a company in the online sports betting sector.
He went as far as to suggest that DraftKings had more credibility than Binance, emphasizing his doubts about the legitimacy of the cryptocurrency exchange.
Featured image from Outlook India
