CNBC host Jim Cramer is warning people to stay away from cryptocurrencies, especially Solana (SOL) and Litecoin (LTC).
In a new CNBC interview, Cramer says that he has sold all his digital asset investments and would not enter the space again, in the aftermath of the FTX collapse.
“I would not touch crypto in a million years. Because I wouldn’t trust the deposit bank. They fought regulation. They didn’t want regulation, and you don’t have regulation.
So if you have your money in any of those, look, I’m not calling you an idiot, I’m just saying you’re using a lot of blind faith. And I like to have my money in JPMorgan. And I check on Monday to see whether my balance is there. It’s there. It feels good.”
Cramer questions whether anyone’s investments are safe, saying he had challenges cashing out his funds from a firm he would not name.
“Try getting your money out. I’m not going to mention the firm that I had my money in. But it was a fight to get the money out. A fight.”
He specifically attacks Ethereum (ETH) rival Solana and peer-to-peer payments network Litecoin.
“And I think that everybody who owns these various coins, Solana, Litecoin, I do think you’re an idiot. Okay, I did not go to college to get stupid. These people who own these things should not own them. They shouldn’t own them.”
Cramer also calls some blockchain projects “the creation of money by cretins.”
“I don’t think cretins should create money and then suck people in. These are worse than even the worst NASDAQ stocks.”
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Featured Image: Shutterstock/DOUGLAS 3D