Jim Cramer: “I wouldn’t invest in cryptocurrencies even in a million years”

CNBC host Jim Cramer once again spoke out against cryptocurrencies. He called the owners of altcoins idiots and stated that he would never invest in digital assets. While discussing the collapse of the FTX exchange on CNBC, Jim Cramer called digital currencies “the new money for morons”. He stressed that he would never invest in cryptocurrencies now, as the industry is too loosely regulated and he does not believe in them.. Cramer recalled that he once invested in one of the companies in the cryptocurrency industry and had difficulty returning the funds. “I think that anyone who owns different coins like Litecoin is just an idiot. I didn't go to college to be an idiot.. And I would advise these owners of altcoins to sell them,” said Jim Cramer. The investor also called on the US Securities and Exchange Commission (SEC) to increase pressure on the cryptocurrency market and remove this “nerd money” from the financial industry.. Cramer stressed that regulators need to eliminate the fundamental possibility of “money creation,” as cryptocurrencies are “worse than any of the worst stocks on the Nasdaq.” In conclusion, Jim Cramer suggested that you keep your money in large traditional banks like JPMorgan Chase. Recall that two years ago Cramer could be called a bitcoin enthusiast.. He advised diversifying an investment portfolio with cryptocurrencies and said that bitcoin can function as money.. However, he sold his BTC holdings by mid-2021.