Mad Money’s Jim Cramer advises investors to get out of crypto, says it’s never too late to sell – Reuters

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Mad Money host Jim Cramer advised investors to sell their crypto, stressing that “it’s never too late to sell an awful position.” Regarding FTX, Cramer predicted that the collapsed trading platform “won’t be the last of these crypto exchanges to go down.”

The latest crypto tips from Jim Cramer

CNBC’s Mad Money host Jim Cramer has advised investors to sell their cryptocurrencies following the collapse of crypto exchange FTX. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He said Monday:

You can’t blame yourself and say, “Hey, it’s too late to sell.” The truth is, it’s never too late to sell a horrible position, and that’s what you have if you own these so-called digital assets.

The Mad Money host used to invest in bitcoin, ether and non-fungible tokens (NFTs), but sold all of its crypto holdings last year. “I told you that I sold my bitcoin and ethereum a long time ago…and used the proceeds to buy a really nice farm,” he shared.

He advised investors to avoid investing in speculative assets, including crypto, as the Federal Reserve continues to tighten the economy. He stressed that investors should not be fooled by the inflated market capitalization of some coins, warning that some cryptocurrencies – including XRP, dogecoin, cardano and polygon – could fall to zero. Noting that the stablecoin tether (USDT) “still has a market capitalization of $65 billion,” Cramer said:

There is still a whole industry of crypto boosters desperately trying to keep all of these things up in the air – not too different from what happened with the bad deeds during the dotcom meltdown.

Cramer also shared his thoughts on the FTX implosion. The Sam Bankman-Fried-founded crypto exchange (SBF) filed for Chapter 11 bankruptcy on Nov. 11, and an estimated one million customers and investors lost billions of dollars to its collapse. The company is currently under investigation for mishandling customer funds, among other charges.

The Mad Money host said:

I bet FTX won’t be the last of these crypto exchanges to go down.

Cramer last week called Bankman-Fried a pathological liar, a con man and a clueless idiot. “Intent means nothing. Saying sorry means nothing. If you mix, if you didn’t have a register, it’s illegal,” he pointed out.

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Do you think investors should take Mad Money host Jim Cramer’s advice on selling crypto? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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