Jim Cramer: "I wouldn't invest in cryptocurrencies even in a million years"

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CNBC host Jim Cramerv has once again spoken out against cryptocurrencies.He called altcoin owners idiots and said that he would never invest in digital assets.

During the discussion of the collapse of the FTX exchange on CNBC, Jim CramerHe stressed that he would never invest in cryptocurrencies now, as the industry is too loosely regulated and he does not believeKramer recalled that he once invested in one of the companies in the cryptocurrency industry and barely returned the funds.

"I think anybody who owns different coins like Litecoin is just an idiot.I didn't go to college to be an idiot.And I would advise these owners of altcoins to sell them," said Jim Cramer.

The investor also called on the U.S. Securities and Exchange Commission (SEC) to increase pressure on the cryptocurrency market and remove this "money for cretins" from the financial industry.Kramer stressed that regulators need to destroy the fundamental possibility of "creating money," as cryptocurrencies are "worse than any worst stock on the Nasdaq."

In conclusion, Jim Cramer advised keeping your money in large traditional banks like JPMorgan Chase.

Recall that two years ago, Kramer could be called a bitcoin enthusiast.He advised to diversify the investment portfolio with the help of cryptocurrency, said that bitcoin canHowever, it sold its BTC holdings by mid-2021.