Ech Vertrauen Meng Suen Méi an Draftkings wéi ech géif Binance

Mad Money's Jim Cramer: I Trust My Money More in Draftkings Than I Would Binance

The host of Mad Money, Jim Cramer, has cast doubt on the trustworthiness of crypto exchange Binance. “Why can’t people in charge just admit that Binance has no real legitimacy after what happened to FTX?” he asked, adding: “I would trust my money more in Draftkings than I would Binance.”

Jim Cramer Slams Binance

The host of CNBC’s Mad Money show, Jim Cramer, cast doubt on the trustworthiness of cryptocurrency exchange Binance in a series of tweets this week. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He tweeted Friday:

Why are there no strategists who say that most crypto are worthless so sell them? Why can’t people in charge just admit that Binance has no real legitimacy after what happened to FTX?

The crypto exchange founded by Sam Bankman-Fried (SBF) filed for Chapter 11 bankruptcy on Nov. 11, and an estimated one million customers and investors lost billions of dollars from its collapse. Bankman-Fried has been arrested in the Bahamas and the U.S. government and several regulators have brought fraud charges against SBF and the crypto exchange.

The Mad Money host also compared Binance to the fantasy sports betting platform Draftkings, which is banned as illegal gambling in ville Länner an US Staaten. Cramer tweeted:

I would trust my money more in Draftkings than I would Binance.

Only two days prior, Cramer cryptically asked his Twitter followers: “Do you feel as reassured by Binance as I do?” Many users on the social media platform responded to the Mad Money host, taunting that whatever company Cramer is against is likely to be a good buy.

Bitcoin developer and podcaster Matt Odell commented on Cramer’s Draftkings comparison: “I do not have to trust either company. Unlike you, I hold my wealth myself without trust. It is called bitcoin. Binance. Draftkings. Chase Bank. All require trust. As trust erodes throughout our institutions, the value prop of trust minimized money will become obvious to many.”

Cramer said on CNBC Thursday: “I think you should be negative on crypto. I’m negative on XRP, LTC, and DOGE because I haven’t been able to find anyone that takes them … It’s like $80 billion worth of non-Bitcoin that’s destined to be wiped out.” Last week, he beroden investors to get out of crypto, emphasizing that “it’s never to too late to sell an awful position.” Following the FTX meltdown, Cramer genannt Bankman-Fried a pathological liar, a conman, and a clueless idiot.

De Mad Geld Host benotzt ze investéieren an Bitcoin, Ether, an Net-fungible Tokens (NFTs) mä verkaaft all his crypto holdings last year. “I told you I sold my bitcoin and ethereum a long time ago … and used the proceeds to buy a very nice farm,” he recently shared. Cramer has been advising investors to avoid an spekulativ Verméigen investéieren, including crypto, while the Federal Reserve continues to tighten the economy.

What do you think about the comments by Jim Cramer about Binance and FTX? Let us know in the comments section below.

Kevin Helms

E Student vun der éisträichescher Economie, de Kevin huet Bitcoin am 2011 fonnt an ass zënterhier en Evangelist. Seng Interesse leien an der Bitcoin Sécherheet, Open-Source Systemer, Netzwierkungseffekter an der Kräizung tëscht Wirtschaft a Kryptografie.