By Nathan Ferguson
Jim Cramer (who formerly worked as a hedge fund manager) has offered a piece of advice to those who invested in crypto and went through unrealized losses in the case of their positions. Cramer plays the role of a CNBC host, co-anchor, and co-founder of TheStreet (a web portal for financial news).
As per a report published by CNBC, he stated that investors should not get depressed by thinking that the time of selling has gone.
Former Hedge Fund Manager Says Investors Can Sell the Positions Experience Loss
As per him, they should sell the positions which are hit by losses. He added that they can do this at any time without thinking it is late for them. Cramer mentioned that the current market capitalization of Tether (the top stablecoin pegged to the US dollar) is up to $65 billion. He revealed that the whole market of crypto boosters is attempting to maintain all these things.
Cramer assimilated this to the crash of the dotcom era, saying that exactly this took place in that case. On the 1st of this month, Cramer clarified his feelings about the former CEO of now-bankrupt crypto exchange FTX – Sam Bankam-Fried (SBF). On the 30th of November, at the annual DealBook Summit of the New York Times, Bankman-Fried was the person being interviewed.
In the respective interview, SBF stated that he made several mistakes and would be ready to give anything if he could correct them. Nonetheless, he clarified that his attention was never to carry out fraud.
As per the FTX founder, the funds were not knowingly commingled by him. Bankman-Fried disclosed that the big position of Alameda was another oversight failure on his part. As per SBF, he was surprised when he came to know this.
In his words, he became aware of the matter on the 6th of November. That was the day when an FTT-related tweet came out. He specified that, on that date, they were compiling the information that should have been compiled much earlier. Then he asserted that they were utilizing a huge energy amount on compliance and regulation.
Bankman-Fried said that his company was doing well and the authorities in many jurisdictions had even provided licenses to it. According to the FTX founder, with the collapse of the crypto exchange, his entire wealth went away as he had put all of his funds into the platform. On the next day, Cramer was asked about the comments that SBF made about the FTX saga in his interview at the DealBook Summit.
Jim Cramer Categorizes Sam Bankman-Fried as a Con Artist
He was also asked to discuss the remarks of Jerome Powell (the chairman of the Federal Reserve) regarding the economy of the United States at the Brookings Institution. On this, Cramer expressed his opinion by saying that SBF has been playing the role of a con artist that keeps on disguising himself. He labeled Jerome Powell as a person who carried out a fine job.
In Cramer’s words, Powell told a fine story. Cramer asserted that he did not want to even speak SBF’s full name as it would dignify the person. He again said that a lot of people familiar with the crypto world consider the former CEO of FTX to be a con artist and so does he.