Jim Cramer the level of arrogance seen from crypto proponents is just shocking.
The ‘Mad Money’ host’s remarks come at a time the crypto industry is looking to navigate the turbulence that followed the stunning revelations of fraud at the crypto exchange FTX.
Cramer on level of arrogance in crypto
Cramer’s comments followed earlier remarks by BINANCE CEO Changpeng Zhao. In an interview also with CNBC, Zhao painted an optimistic outlook for crypto, saying that despite FTX’s implosion being a setback, the industry will grow to a much bigger and healthier space in the next 5-10 years.
According to the Binance chief, who backed away from a potential acquisition of FTX as it became clear there was fraud, crypto’s growth will not just benefit Ethereum.
“If you look at the industry 5-10 years from now, the industry will be much much bigger. I don’t think will be the only coins to profit,” says @cz_binance. “This incident will set us back a bit, but then the industry will become healthier.” pic.twitter.com/mckO5ESTc9
— Squawk Box (@SquawkCNBC) November 17, 2022
While he did not mention anyone in particular, Cramer slammed crypto proponets, saying:
“I find the level of arrogance for people who think that crypto’s good shocking. I mean, I have problems with the dollar in terms of the huge amount of debt. But there’s clarity that there’s debt and you can switch to gold if you like, or some other asset – maybe real estate – that could be better.”
But the same cannot be said of cryptocurrencies, Cramer suggested, equating what’s happened lately to the events around the Enron stock in mid-2000. And the ‘Mad Money’ host says part of the problem also lies with the government.
“We can put up these cryptocurrencies and I got a question. What do we know about Solana? What do we know about XRP? The answer is zero. The reason we know zero is because the government doesn’t feel it should be regulated.”
According to Cramer, the mainstream media has done everything to highlight the problem with crypto, but nobody in government “.”
Also disturbing, according to Cramer, is just how much conniving those within the crypto industry have been (and continue to be) as they attempt to keep regulators off. That, he notes, is what happened as recently as 10 November.
Notably, this was just a day before FTX filed for bankruptcy – and when both Sam Bankman-Fried and Alameda Research CEO Caroline Ellison said all was okay and that the platforms had enough funds to handle customer withdrawals.
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