Jim Cramer Says Crypto Is A 'Gigantic Con': Why He Sold Bitcoin, Ethereum Near The Top

Zinger Key Points
  • Jim Cramer says crypto is a 'gigantic con' and it's never too late to sell.
  • Cramer sold his crypto after running into trouble trying to store it at his bank.
Jim Cramer Says Crypto Is A 'Gigantic Con': Why He Sold Bitcoin, Ethereum Near The Top

Jim Cramer cashed out of his crypto investments last year and bought a farm with the earnings. Now he's wondering if the entire space is just one big con.

What To Know: Cramer sold all of his Bitcoin BTC/USD last year and bought Ethereum ETH/USD instead, noting that people actually use the latter to transact. However, he sold his Ethereum position after he found out his bank was unwilling to accept it. 

Cramer explained that he spoke with executives at his bank about storing Ethereum and they refused to take it, despite Cramer having been a customer for 30 years. 

"And you know what, thank you. That was a great reason to sell," he said Tuesday on CNBC's "Squawk On The Street."

Bitcoin and Ethereum have fallen more than 65% over the last year as the industry battles several headwinds, most recently with the undoing of crypto exchange FTX

"I think that there's just been this gigantic con," Cramer said.

See Also: Jamie Dimon Writes Off Crypto As A 'Complete Sideshow,' Likens Tokens To 'Pet Rocks'

FTX founder and former CEO Sam Bankman-Fried took to Twitter Sunday to announce he intends to testify before the U.S. House Financial Services Committee once he finishes "learning and reviewing" the events that resulted in the FTX collapse.

Committee Chair Rep. Maxine Waters on Monday responded to Bankman-Fried, noting that his recent media interviews show that his knowledge is "sufficient for testimony" before the congressional committee. 

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

Check This Out: Maxine Waters Says Sam Bankman-Fried's Media Interviews, Role As FTX CEO 'Sufficient' Basis For Congress Testimony

BTC, ETH Price Action: At publication time, Bitcoin was down 0.68% over a 24-hour period at $16,969 and Ethereum was down 1.23% at $1,251, according to Benzinga Pro.

Photo: DonkeyHotey from Flickr.

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Posted In: CNBCJim CramerMaxine WatersSam Bankman-FriedCryptocurrencyShort IdeasMarketsTrading Ideas

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