Long-time CNBC host Jim Cramer took a harsh critique of cryptocurrencies on Thursday’s “Squawk Box” show, describing the whole thing as a “huge” scam. “Everything seems so bottomless that I don’t know how to grasp it,” he said.
According to Cramer, XRP, Dogecoin (DOGE), and Solana (SOL) are all “scams”. Earlier this week, Cramer also suggested that popular altcoins, including XRP and Cardano, could drop to zero. The Mad Money server used to invest in Bitcoin, Ethereum, and non-fungible tokens (NFT), but sold all its crypto holdings last year.
“I said I sold my Bitcoin and Ethereum a long time ago and used the proceeds to buy a beautiful farm,” he shared. Cramer has a frequently voiced opposition to crypto assets, based on the idea that only blockchain technology has value, not crypto itself. “No one thinks blockchain is bad,” the CNBC host said.