Jim Cramer, head of the “Mad Money” segment on CNBC, has called XRP, Solana, and Dogecoin a “huge fraud” for failing to establish their worth beyond being speculative assets.
Cramer made the remarks on December 8, soon after CNBC hosted television personality Kevin O’Leary to discuss his suspected ties to and promotion of the defunct cryptocurrency exchange FTX.
Cramer said that XRP, Solana, and Dogecoin are all negative when asked about his overall stance on cryptocurrencies by Rebecca Quick of Squawk Box. “Why don’t we just list a large number of identically priced stocks? so exhausted by these disadvantages.”
Cramer, 67, emphasized that it was essential to distinguish between cryptocurrencies and blockchain technology and that he was a huge admirer of the latter.
“Remember the con is not blockchain, blockchain is amazing, but we continue to compare blockchain to the con, and I’m not sure how long that can continue,” he continued.
Commenting on the FTX tragedy, the presenter said that “blockchain has nothing to do with what transpired” and that he did not know how to comprehend the situation.
Following Cramer’s condemnation of cryptocurrencies, Twitter has been flooded with dissatisfied crypto fans’ comments.
Shortly after the interview, pro-XRP attorney and creator of Crypto-Law US John Deaton accused the presenter of confusing XRP with FTX’s criminal actions. The attorney then defended XRP by reminding Cramer that many US official organizations, including FinCEN, DOJ, and the CFTC, have characterized XRP as a virtual currency, alongside Bitcoin and Ethereum, and not a fraud.
“I represent several of your viewers who acquired XRP after Brian Kelly and CNBC’s demonstrations,” “He didn’t mention that it was a scam, did he?” said Deaton.
Dogecoin Core developer Michi Lumin also joined in on the discussion, attempting to rectify the dogecoin-related disinformation. According to the creator, there must be a mark and a beneficiary for anything to be considered a “scam” or “con.”
She went on to explain that, unlike other cryptocurrencies, Dogecoin never had a “developer premine” or a means for developers to amass an excessive quantity of coins since its coding standards did not permit such operations.
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