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Jim Cramer : Cryptocurrencies Require More Regulation

Jim Cramer, an American television host, argues that cryptocurrencies require more regulation or else the market would implode. Furthermore, he lauded Ethereum as the best-performing digital asset.

 

Jim Cramer indicated in an interview with TheStreet that he is a big supporter of bitcoin legislation. Setting the correct rules in the industry, in his opinion, would benefit the overall market by preserving its stability “ If you have more regulation, all the exchanges would be like banks…of course no one wants to be like banks…but we need some sort of regulation because I have the feeling crypto will collapse if we are not careful.”

 

The host of Mad Money stated that correct legislation is also required for Tether. He compared the stablecoin to “some kind of exchange” and encouraged the stablecoin’s managers to clarify the heart of the operations and what they possess. He reminded Tether that it is no longer permitted to trade with New York residents. Simultaneously, Cramer attacked the officials’ decision to levy a $18.5 million fine on the executives, calling it “too little.”

 

In response to bitcoin’s recent increase, the TV personality stated that the digital currency has overcome its prior rough months and is now poised for a bright future. Cramer, on the other hand, believes Ethereum is superior to Bitcoin. He even admitted to himself that he is a hodler:

 

“I have a very big position in Ethereum. I am thrilled today. I switched out of Bitcoin to Ethereum and I’m going to let it run.”

 

He stated that Ethereum is a better asset since it can be used as a payment method for more items, such as non-fungible tokens.

 

“Because the Chinese government has stated that they do not like Bitcoin, I am sticking with Ethereum. They don’t appear to be attacking Ethereum at the moment… I just have a feeling Ethereum will be able to escape China’s clutches.”he said

 

The US TV host, Jim Cramer, thinks it would be necessary for cryptocurrencies to be regulated more or the market could fail. He also commended Ethereum as a digital asset with the greatest performance.