Jim Cramer claimed that the Coinbase exchange failed to bring inflow of money amid the US banking crisis.
Jim Cramer is the host of CNBC’s The Mad Money show. In the past, Cramer was also a Crypto Investor but he stepped back from the crypto sector citing high volatility in the price of crypto assets. Now Cramer is a popular crypto critic and he believes that cryptocurrencies are not more than speculation-based assets.
On 6 April 2023, Jim Cramer passed a comment on the popular American public crypto exchange Coinbase over its failure to attract money inflow amid the failure of US banks.
Cramer said that he is not going to purchase Coinbase (COIN) shares.
“I figured that, not to me, but to some people they were the JPMorgan of the business. So, the money goes to JPMorgan. Doesn’t look like it. I wouldn’t touch this thing at all,” Cramer said.
Crypto proponents said that Cramer is only a crypto critic & he always needs points to criticize Cryptocurrencies & crypto service providers.
In March 2023, the Coinbase exchange received a Wells notice from the United States Securities and Exchange Commission (SEC) over the nature of some listed crypto assets & lending services.
Wells notice hinted that in near future Coinbase may face enforcement action by the SEC agency and obviously in that situation Coinbase shares will plunge badly.
Coin team confirmed that its team reached out to the SEC agency around 30 times in the last 9 months but the SEC agency never responded over the nature of any crypto asset or its crypto staking services.
Coinbase exchange trades on the Nasdaq exchange under the COIN index. The current trade price of COIN is 5.03% down over the last 5 days of trade price.