{"id":15597,"date":"2022-12-18T08:30:44","date_gmt":"2022-12-18T08:30:44","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/i-trust-my-money-more-in-draftkings-than-i-would-binance-exchanges-bitcoin-news\/"},"modified":"2022-12-18T08:30:44","modified_gmt":"2022-12-18T08:30:44","slug":"i-trust-my-money-more-in-draftkings-than-i-would-binance-exchanges-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/i-trust-my-money-more-in-draftkings-than-i-would-binance-exchanges-bitcoin-news\/","title":{"rendered":"I Trust My Money More in Draftkings Than I Would Binance \u2013 Exchanges Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The host of Mad Money, Jim Cramer, has cast doubt on the trustworthiness of crypto exchange Binance. \u201cWhy can\u2019t people in charge just admit that Binance has no real legitimacy after what happened to FTX?\u201d he asked, adding: \u201cI would trust my money more in Draftkings than I would Binance.\u201d<\/strong><\/p>\n

Jim Cramer Slams Binance<\/h2>\n

The host of CNBC\u2019s Mad Money show, Jim Cramer, cast doubt on the trustworthiness of cryptocurrency exchange Binance in a series of tweets this week. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He tweeted Friday:<\/p>\n

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Why are there no strategists who say that most crypto are worthless so sell them? Why can\u2019t people in charge just admit that Binance has no real legitimacy after what happened to FTX?<\/p>\n<\/blockquote>\n

The crypto exchange founded by Sam Bankman-Fried (SBF) filed for Chapter 11 bankruptcy on Nov. 11, and an estimated one million customers and investors lost billions of dollars from its collapse. Bankman-Fried has been arrested in the Bahamas and the U.S. government and several regulators have brought fraud charges against SBF and the crypto exchange.<\/p>\n

The Mad Money host also compared Binance to the fantasy sports betting platform Draftkings, which is banned as illegal gambling in many countries<\/a> and U.S. states<\/a>. Cramer tweeted:<\/p>\n

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I would trust my money more in Draftkings than I would Binance.<\/p>\n<\/blockquote>\n

Only two days prior, Cramer cryptically asked his Twitter followers: \u201cDo you feel as reassured by Binance as I do?\u201d Many users on the social media platform responded to the Mad Money host, taunting that whatever company Cramer is against is likely to be a good buy.<\/p>\n

Bitcoin developer and podcaster Matt Odell commented on Cramer\u2019s Draftkings comparison: \u201cI do not have to trust either company. Unlike you, I hold my wealth myself without trust. It is called bitcoin. Binance. Draftkings. Chase Bank. All require trust. As trust erodes throughout our institutions, the value prop of trust minimized money will become obvious to many.\u201d<\/p>\n

Cramer said on CNBC Thursday: \u201cI think you should be negative on crypto. I\u2019m negative on XRP<\/a>, LTC<\/a>, and DOGE because I haven\u2019t been able to find anyone that takes them \u2026 It\u2019s like $80 billion worth of non-Bitcoin that\u2019s destined to be wiped out.\u201d Last week, he advised<\/a> investors to get out of crypto, emphasizing that \u201cit\u2019s never to too late to sell an awful position.\u201d Following the FTX meltdown, Cramer called<\/a> Bankman-Fried a pathological liar, a conman, and a clueless idiot.<\/p>\n

The Mad Money host used to invest<\/a> in bitcoin, ether, and non-fungible tokens (NFTs) but sold<\/a> all his crypto holdings last year. \u201cI told you I sold my bitcoin and ethereum a long time ago \u2026 and used the proceeds to buy a very nice farm,\u201d he recently shared. Cramer has been advising investors to avoid investing in speculative assets<\/a>, including crypto, while the Federal Reserve continues to tighten the economy.<\/p>\n

What do you think about the comments by Jim Cramer about Binance and FTX? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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