Jim Cramer cashed out of his crypto investments last year and bought a farm with the earnings. Now he's wondering if the entire space is just one big con.
Cramer sold all of his Bitcoin last year and bought Ethereum instead, noting that people actually use the latter to transact. However, he sold his Ethereum position after he found out his bank was unwilling to accept it. Follow benzinga
Cramer explained that he spoke with executives at his bank about storing Ethereum and they refused to take it, despite Cramer having been a customer for 30 years.
"And you know what, thank you. That was a great reason to sell," he said Tuesday on CNBC's "Squawk On The Street."
Bitcoin and Ethereum have fallen more than 65% over the last year as the industry battles several headwinds, most recently with the undoing of crypto exchange FTX.
"I think that there's just been this gigantic con," Cramer said. benzinga
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