CNBC\u2019s mad money host Jim Cramer has implored crypto investors to \u201csell everything\u201d, terming the sector as a house of cards.<\/p>\n
The veteran markets reporter made the utterances Tuesday when asked about his thoughts on the ongoing crypto sector onslaught, particularly with the massive jobs cuts by Coinbase.<\/p>\n
“This whole thing is just a house of cards,\u201d <\/em>Cramer,67, said during an interview with Squawk Box host Andrew Ross. \u201cI don’t think anyone should be in any of these. I think everything should be sold,\u201d <\/em>he added.<\/p>\n He went on to criticize Non-Fungible Tokens (NFT), suggestively referencing them as one of the biggest examples of all that is wrong with crypto.<\/p>\n \u201cDoes anyone really own NFTs? I don’t even know what to do with a fungible token. What do you do with a non-fungible token?\u201d <\/em>he asked. <\/p>\n He went on to warn that the SEC would soon come knocking, potentially toppling crypto prices further as Gary Gensler \u201chas had it\u201d.\u00a0<\/p>\n \u201cThere isn\u2019t anything that\u2019s not going to be manipulated and investigated, and the SEC is going to come in and sweep everything.\u201d<\/em><\/p>\n Cramer\u2019s comments come after he referred to investors who own various cryptocurrencies as idiots last month, asking the US Securities and Exchange Commission (SEC) to conduct \u201ca big sweep\u201d on the crypto sector. At the time, the former hedge fund manager told CNBC that he \u201cwould not touch crypto in a million years because I wouldn\u2019t trust the deposit bank\u201d and advised crypto investors to try getting their money out.<\/p>\n That said, Cramer\u2019s messages have often been downplayed by the crypto community, more so for making market forecasts that turned out to be wrong.<\/p>\n