Jim Cramer lambasted the cryptocurrency market, during his Thursday appearance on "Squawk Box," referring to it as a "ain't con."
"The whole thing seems so bottomless that I don't know how to fathom it," he said.
What Happened: Cramer characterized Ripple XRP/USD, Dogecoin DOGE/USD and Solana SOL/USD as "cons".
The host of CNBC’s Mad Money is of the opinion that CNBC should not observe the fluctuations in cryptocurrency prices, asking why penny stocks do not receive the same consideration as virtual assets. "If we think XRP is something we should be tracking…Well…we should also list Rent the Runway (RENT) and Stitch Fix (SFIX) there too."
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Earlier this week, Cramer predicted that certain well-known cryptocurrencies, such as XRP and Cardano ADA/USD might crash to zero.
Cramer has expressed a popular belief about cryptocurrencies that only the underlying blockchain technology is valuable, not the digital coins themselves. He said, "No one thinks blockchain’s bad.”
In 2022, the cryptocurrency markets were still far from reaching their full potential, following the TerraUST UST/USD and Luna crashes. The bear markets proved to be severe and unforgiving, leaving leading cryptocurrencies in a precarious state. Compounded by the FTX drama, the markets were left reeling.
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