CNBC host Jim Cramer is once again taking issue with the crypto market, deeming it to have “no real value.”
On CNBC’s Squawk Box Tuesday, the former hedge funder took issue with the severe liquidity crunch across the entire sector, and the insolvency faced by major firms such as Celsius Network and Three Arrows Capital.
“Crypto really does seem to be imploding,” Cramer said. “Went from $3 trillion to $1 trillion. Why should it stop at $1 trillion? There’s no real value there. What an awful asset. NFTs sold to you. Made up.”
Cramer addressed the large outflow of capital witnessed in the sector, amidst the major crash experienced in the past month. Prior to this, Cramer expressed support for Ethereum ETH/USD, calling the token “terrific” and an easy “35-40% return.” Since then, he changed his tune.
“I don’t want to make a joke of it,” he said last month. “A lot of younger people and people who borrowed money, they are going to be gone today if they are not careful.”