CNBC host Jim Cramer is souring on three digital assets, saying they are among a number of altcoins about to be “wiped out.”
In a new interview on CNBC’s Squawk Box, Cramer says overall the crypto markets are bearish while identifying three assets in particular that he says have no future.
[adinserter block="1"]“I think you should be negative on crypto….
The ones I’m negative on are the XRP and the Litecoin and the Dogecoin. Because I have yet to find anybody who really takes them.”
At time of writing, XRP (XRP) is trading hands at $0.360, Litecoin (LTC) at $67.35 and Dogecoin (DOGE) at $0.080.
DOGE supporters have rallied behind the meme token most recently over speculation Twitter owner Elon Musk will incorporate it in future payment services over the microblogging network.
Cramer says that, in general, altcoins, or cryptos that are not Bitcoin (BTC), have little chance of surviving for very long.
“It’s like $80 billion worth of non-Bitcoin that’s really destined to be wiped out. There are still people who conflate blockchain with them.”
Cramer also questions blockchain technology, saying if it does have significant potential Amazon and Google would have incorporated it into their business models by now.
Google, however, has taken a step into crypto by partnering with digital asset exchange Coinbase to allow its users to pay for cloud services with crypto assets.
Cramer also weighs in on other crypto issues, warning his 1.9 million Twitter followers that Binance, the world’s largest crypto exchange, is similar to FTX.
“Why are there no strategists who say that most crypto are worthless so sell them? Why can’t people in charge just admit that Binance has no real legitimacy after what happened to FTX?
I would trust my money more in Draftkings than I would Binance.”
Binance CEO Changpeng Zhao is fighting fear, uncertainty and doubt following the FTX collapse. He recently said that the assets Binance holds are one-to-one backed.
Cramer also takes a shot at disgraced former FTX CEO Sam Bankman-Fried (SBF), saying he has admitted to wrongdoing already in a series of media interviews and other venues leading up to his arrest.
“SBF, you are innocent until proven guilty unless you confess to your guilt. You have waived your rights. This is one of the first principles of criminal law, not right. SBF was trying to confess his way out of jail. That failed.”
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