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

The big of Mad Money, Jim Cramer, has formed uncertainty connected the trustworthiness of crypto speech Binance. “Why can’t radical successful complaint conscionable admit that Binance has nary existent legitimacy aft what happened to FTX?” helium asked, adding: “I would spot my wealth much successful Draftkings than I would Binance.”

Jim Cramer Slams Binance

The big of CNBC’s Mad Money show, Jim Cramer, formed uncertainty connected the trustworthiness of cryptocurrency speech Binance successful a bid of tweets this week. Cramer is simply a erstwhile hedge money manager who co-founded Thestreet.com, a fiscal quality and literacy website. He tweeted Friday:

Why are determination nary strategists who accidental that astir crypto are worthless truthful merchantability them? Why can’t radical successful complaint conscionable admit that Binance has nary existent legitimacy aft what happened to FTX?

The crypto speech founded by Sam Bankman-Fried (SBF) filed for Chapter 11 bankruptcy connected Nov. 11, and an estimated 1 cardinal customers and investors mislaid billions of dollars from its collapse. Bankman-Fried has been arrested successful the Bahamas and the U.S. authorities and respective regulators person brought fraud charges against SBF and the crypto exchange.

The Mad Money big besides compared Binance to the phantasy sports betting level Draftkings, which is banned arsenic amerciable gambling successful many countries and U.S. states. Cramer tweeted:

I would spot my wealth much successful Draftkings than I would Binance.

Only 2 days prior, Cramer cryptically asked his Twitter followers: “Do you consciousness arsenic reassured by Binance arsenic I do?” Many users connected the societal media level responded to the Mad Money host, taunting that immoderate institution Cramer is against is apt to beryllium a bully buy.

Bitcoin developer and podcaster Matt Odell commented connected Cramer’s Draftkings comparison: “I bash not person to spot either company. Unlike you, I clasp my wealthiness myself without trust. It is called bitcoin. Binance. Draftkings. Chase Bank. All necessitate trust. As spot erodes passim our institutions, the worth prop of spot minimized wealth volition go evident to many.”

Cramer said connected CNBC Thursday: “I deliberation you should beryllium antagonistic connected crypto. I’m antagonistic connected XRP, LTC, and DOGE due to the fact that I haven’t been capable to find anyone that takes them … It’s similar $80 cardinal worthy of non-Bitcoin that’s destined to beryllium wiped out.” Last week, helium advised investors to get retired of crypto, emphasizing that “it’s ne'er to excessively precocious to merchantability an atrocious position.” Following the FTX meltdown, Cramer called Bankman-Fried a pathological liar, a conman, and a clueless idiot.

The Mad Money big used to invest successful bitcoin, ether, and non-fungible tokens (NFTs) but sold each his crypto holdings past year. “I told you I sold my bitcoin and ethereum a agelong clip agone … and utilized the proceeds to bargain a precise bully farm,” helium precocious shared. Cramer has been advising investors to debar investing successful speculative assets, including crypto, portion the Federal Reserve continues to tighten the economy.

What bash you deliberation astir the comments by Jim Cramer astir Binance and FTX? Let america cognize successful the comments conception below.

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