Jim Cramer Says Crypto Is a ‘Giant Thief’: Why He Sold Bitcoin, Ethereum Near Top – Ethereum (ETH/USD)

Jim Cramer Cashed in my crypto investments last year and bought a farm with earnings, Now he’s wondering if the whole place is fair a big thief,

what to know: Kramer sold everything he owned Bitcoin BTC/USD last year and bought Ethereum ETH/USD Instead, given people actually use the latter to transact, However, he sold his Ethereum position when he learned that his bank was unwilling to accept it.

Cramer explained that he talked to executives at his bank about storing the ethereum, and they refused to take it, despite Cramer being a customer for 30 years.

“And you know what, thank you. It was a great reason to sell,” he said Tuesday on CNBC’s “Squawk on the Street.”

Bitcoin and Ethereum are down more than 65% over the past year as the industry grapples with a number of headwinds, most recently undo crypto exchange FTX,

“I think right now it’s the giant con,” Cramer said.

See also: Jamie Dimon Writes Crypto as a ‘Complete Sideshow’, Compares Tokens to ‘Pet Rocks’

Founder and Former CEO of FTX Sam Bankman-Fried It took to Twitter on Sunday to announce that it intends to testify before the US House Financial Services Committee once it has finished “learning and reviewing” the events that resulted in the collapse of FTX.

committee chairman representative maxine waters responded to Bankman-Fried on Monday, noting that his recent Media interviews suggest that his knowledge is “adequate to testify” before a Congressional committee.

Cramer reminded crypto investors that it is never too late to sell.

Check it out: Maxine Waters calls Sam Bankman-Fried’s media interview, role as FTX CEO ‘substantial’ basis for Congressional testimony

BTC, ETH Price Action: At the time of publication, bitcoin was down 0.68% over the 24-hour period at $16,969 and Ethereum was down 1.23% at $1,251, according to benzinga pro,

photo: asses from flickr.

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