John Deaton, a crypto lawyer and enthusiast, has criticized Jim Cramer, an American television personality and the host of the show Mad Money on CNBC, for his consistently negative comments about cryptocurrency.
What actually took place was that Silvergate, a bank that is friendly toward cryptocurrencies, received a $4.3 billion loan from the Federal Home Loan Bank in order to prevent a bank run. Cramer claims that this cryptocurrency business is getting extremely dangerous, and he hopes that everyone is aware of this.
His exact words were:
“This is extraordinary. A bailout loan from the Federal Home Loan Bank for a crypto bank to stem the run. I wish people knew how dangerous this is all getting. NOT business as usual.”
In response to Cramer’s statements, Deaton has said that Cramer is the greatest “bandwagoner” he has ever seen. The lawyer who specializes in cryptocurrency pointed out that Jim Cramer basically constantly follows the popular feeling of the day and jumps on bandwagons.
When the market was at its peak, the television celebrity was particularly interested in Bitcoin (BTC) and Ethereum (ETH). However, given the present circumstances, he believes that the very fact that you hold Bitcoin makes you an idiot.
Cramer is well-known for the negative opinions he has expressed on cryptocurrencies. The host of Mad Money said in December 2022 that he would never touch cryptocurrency even in a million years. He referred to investors who owned a variety of altcoins as “idiots” and encouraged the United States Securities and Exchange Commission (SEC) to do “a big sweep” on the crypto space.
