Jim Cramer claims that cryptocurrencies are being manipulated higher
CNBC’s Jim Cramer recently attributed the crypto market recovery to price manipulation. “I think crypto is being manipulated higher, I have no problem saying it,” he said, adding that he wouldn’t touch the cryptocurrency.
In early January, the CNBC host urged investors to exercise caution amid the reports of an ongoing federal investigation into Barry Silbert’s Digital Currency Group. In a tweet, Cramer advised investors to consider exiting any investments related to the mercurial industry.
He has previously called into question the long-term prospects of crypto, referring to it as “the creation of money by cretins” and describing Litecoin holders as “idiots.”
Cramer cites regulatory uncertainty as a major reason for his reluctance to invest in cryptocurrencies and also mentions a personal experience in which he struggled to withdraw funds from a crypto firm.
In addition, the prominent financial analyst urged the U.S. Securities and Exchange Commission to investigate the cryptocurrency market.
Cramer slammed Binance, the largest cryptocurrency trading platform, stating that it has “no real legitimacy and no real substance behind it.” These comments align with the views of many skeptics who believe digital assets are unreliable and unbacked investments. Despite increasing acceptance of cryptocurrency by investors in recent years, these concerns persist in the industry.
After Bitcoin experienced a significant price uptick, Cramer once again warned investors against entering the cryptocurrency space.
In the past, the famed stock picker expressed mixed views on Bitcoin cryptocurrency. In some instances, he has expressed skepticism about its long-term prospects and has advised caution for investors, while in other instances he has spoken positively about it as a potential hedge against inflation.
His most recent statements on the matter indicate that Cramer is now highly skeptical of cryptocurrencies after Bitcoin failed to act as a store of value in 2022 and lost more than 70% of its value.