Jim Cramer, the host of CNBC’s Mad Money, slammed cryptocurrency markets again on Wednesday, calling them “truly a sham.”
What Happened: Cramer said his personal favorite news of Wednesday was that crypto firm Genesis is reportedly planning to file for bankruptcy.
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In December, Cramer said he cashed out his crypto investments last year and bought a farm with the earnings. Now he’s wondering if the entire space is just one big con.
Cramer sold all of his Bitcoin BTC/USD last year and bought Ethereum ETH/USD instead, noting that people actually use the latter to transact. However, he sold his Ethereum position after he found out his bank was unwilling to accept it.
Price Action: At the time of writing, BTC was trading at $20,777, down 2.48% in the last 24 hours, according to Benzinga Pro.
Read Next: Bitcoin Falls Below $21K, Ethereum, Dogecoin Slide Amid Genesis Worries: Analyst Says Apex Crypto Needs ‘To Trap Just A Few More Bears’
Photo: Courtesy of Scott Beale on Flickr
Image and article originally from www.benzinga.com. Read the original article here.