Jim Cramer Tells Anyone Holding Crypto to Sell Everything: ‘It’s All One Big Hustle’

CNBC’s Jim Cramer tore into cryptocurrency by urging anyone who owns it to dump it all right away.

In a Mad Money segment on his recommendations for things to sell early in 2023, Cramer devoted his attention to crypto. Cramer has been upfront in the past with his criticism of Sam Bankman-Fried, but he argued that beyond the FTX co-founder’s downfall, “there is constant wars among former colleagues all over the place in this industry.”

By Cramer’s assessment, this level of infighting among the major crypto players represents “classic signs of a financial world that’s falling apart.” He referred to John Stark, a consultant who formerly ran the SEC Office of Internet Enforcement, who wrote a LinkedIn essay arguing that the crypto world is bogged down with grift and backstabbing.

“That’s what happens in Ponzi schemes,” Cramer warned. “At this point, our eyes glaze over when we hear about these noisy Twitter ring fights in crypto world, but there are hundreds of billions of dollars still tied up in this stuff, including money that you may have, and that money is gonna be vanishing right before your eyes!”

“My view is real simple,” Cramer summed up. “You can’t afford to be the security that isn’t a security, one that I argue you can’t really store safely, not anywhere. As Stark says, and I quote, it’s all one big hustle.”

Watch above via CNBC.