Jim Cramer Slams Crypto Markets Again After Genesis Bankruptcy Report: 'Truly A Sham'

Jim Cramer Slams Crypto Markets Again After Genesis Bankruptcy Report: 'Truly A Sham'

Jim Cramer, the host of CNBC’s Mad Money, slammed cryptocurrency markets again on Wednesday, calling them "truly a sham." 

What Happened: Cramer said his personal favorite news of Wednesday was that crypto firm Genesis is reportedly planning to file for bankruptcy.

See More: Best Crypto Day Trading Strategies

In December, Cramer said he cashed out 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.

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. 

Price Action: At the time of writing, BTC was trading at $20,777, down 2.48% in the last 24 hours,  according to Benzinga Pro.

Read Next:  Bitcoin Falls Below $21K, Ethereum, Dogecoin Slide Amid Genesis Worries: Analyst Says Apex Crypto Needs 'To Trap Just A Few More Bears'

Photo: Courtesy of Scott Beale on Flickr

Posted In: CryptocurrencyNewsMarketsBitcoinEthereumJim CramerMad Money

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