Jim Cramer cashed out of his crypto investments in 2021 and bought a farm with theearnings. And by the end of 2022 he waswondering 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 positionafter he found out hisbank was unwilling to accept it.
Cramer explained that he spoke with executives at his bank about storing Ethereum and they refused to takeit, despite Cramer having beena 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 hadfallen more than 65% by the end of 2022,as the industry battledseveral headwinds, includingthe undoing of crypto exchange FTX.
"I think that there's just been this gigantic con," Cramer said.
Cramer reminded crypto investorsthat it's never too late to sell.
See Also:Jamie Dimon Writes Off Crypto As A 'Complete Sideshow,' Likens Tokens To 'Pet Rocks'
Photo:DonkeyHoteyfrom Flickr.
Some elements of this story were previously reported by Benzinga and it has been updated.
