CNBC Mad Money Host Cramer Says Binance has no Real Legitimacy

American media personality Jim Cramer who is known to have recently reversed his course on cryptocurrencies now has it all against Binance, largest crypto exchange by trade volume. 

The CNBC presenter released a tweet stating that Binance has no real legitimacy. Cramer went on to compare the leading exchange to sports betting company DraftKings. He added that he would rather plunge his fund into DraftKings than have it in Binance.

Notably, Jim Cramer’s statement was influenced by the implosion and bankruptcy filing of the FTX Derivatives Exchange.

“Why are there no strategists who say that most crypto are worthless so sell them?  Why can’t people in charge just admit that Binance has no real legitimacy after what happened to FTX?” Cramer asked no one in particular. 

From the way he framed his questions, Cramer seems to be confused about how strategists are unwilling to accept that most digital currencies has no value.

More interestingly, the CNBC ‘Mad Money’ host’s controversial statement comes only two days after he said he was reassured by Binance. Although the statement sounds like an arrow aimed at the entire crypto industry instead of Binance.

With Binance Criticism, is Cramer Anti-Crypto?

Before the implosion of FTX in November, Cramer already advised investors against adding cryptocurrencies to their portfolios.

He reiterated that they were merely speculative assets which the United States Federal Reserve specialises in devaluing. “Don’t get memed. Don’t get SPAC’d. Don’t get crypto’d. And you’ll get through this thicket and find yourself in a much better time when we are sufficiently oversold for a huge bounce,” Cramer added.

As it stands, it seems wise to say Cramer belongs to the group of people whose opinions about the crypto industry fluctuate depending on the current situation of the ecosystem. In 2021, when Bitcoin (BTC) hit its all-time high, Cramer asked that he be paid in BTC but as soon as prices began to tank, he sold off his holdings.

Just like he did when the price of BTC plummeted, Jim Cramer has asked that investors sell off their digital assets holdings now that they still have value. “You can’t just beat yourself up and say, ‘hey, it’s too late to sell.’ The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets,” he said