Market expert Jim Cramer warns of huge losses from cryptocurrencies

Popular television host and market expert Jim Cramer says investors should stay away from cryptocurrencies, non-fungible tokens (NFTs) and special purpose acquisition companies (SPACs). He has warned that these assets can cause huge losses to the investors. Along with this, Cramer has admitted that his earlier thinking about cryptocurrencies was wrong.

“I think we should question the fundamentals of crypto. We won’t even need to show this segment on a television screen,” Cramer said. He recognized that cryptocurrencies have failed to perform as a store of value. Cramer was against cryptocurrencies until a few years ago, but he bought bitcoin for the first time about two years ago. He told that the reason for this was concern about inflation. Cramer also called it a good alternative to gold. However, he is angry about the segment after the massive drop in cryptocurrencies this year. Last month he described crypto as the last bastion of betting. He said that the US Federal Reserve can sacrifice this segment.

Scams related to this segment have caused losses of over a billion dollars to crypto investors in the US from the beginning of last year to March this year. The head of the Senate Banking Committee, Sherrod Brown, recently sent letters to Apple and Google asking them to explain crypto-related apps available on their App Store and Playstore, as well as ways to deal with counterfeit apps. The Federal Bureau of Investigation (FBI) also warned that fake crypto apps are causing huge losses to investors. In the letter, Brown said, “Cyber ​​criminals have created fake mobile apps by stealing firms’ logos, names and other identifying information. This makes it necessary for app stores to take security measures.”

Recently, there was a case of a Hollywood producer Ryan Felton doing crypto scams. Felton defrauded crypto investors to meet his rising expenses. Felton, who has been involved in some big film projects, is reported to have received about 2.5 million dollars from the scam. The scam was done through two initial coin offerings (ICOs).

Cryptocurrency prices in Indian exchanges

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