Jim Cramer Sold His Bitcoin, Ethereum Near The Top; Why He Thinks Crypto Is A 'Gigantic Con'

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 cashed out of his crypto investments in 2021 and bought a farm with the earnings. And by the end of 2022 he was wondering if the entire space is just one big con.

What To Know: Cramer sold all of his Bitcoin BTC/USD 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 while speaking on CNBC's "Squawk On The Street," on Dec. 6, 2022.

His comments came as Bitcoin and Ethereum had fallen more than 65% by the end of 2022, as the industry battled several headwinds, including the undoing of crypto exchange FTX

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

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

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

Photo: DonkeyHotey from Flickr.

Some elements of this story were previously reported by Benzinga and it has been updated.

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Posted In: CryptocurrencyShort IdeasMarketsTrading IdeasCNBCICYMIJim Cramer
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