Jim Cramer berated the cryptocurrency market during his appearance on Thursday’s Squawk Box, calling it “ain’t con.”

“The whole thing seems so bottomless I don’t know how to fathom it,” he said.

What happened: Characterized by Cramer ripple XRP/USD, Dogecoins DOGE/USD and Solana SOL/USD as “cons”.

The host of CNBC’s Mad Money thinks CNBC shouldn’t watch cryptocurrency price swings and asks why penny stocks don’t get the same consideration as virtual assets. “If we think XRP is something we should track… Well… we should list Rent the Runway (RENT) and Stitch Fix (SFIX) there as well.”

See more: Best Crypto Day Trading Strategies

Earlier this week, Cramer predicted that certain well-known cryptocurrencies such as XRP and Cardano ADA/USD could crash to zero.

Cramer has expressed a common belief about cryptocurrencies that only the underlying blockchain technology is valuable, not the digital coins themselves. He said, “No one thinks blockchain is bad.”

In 2022, the cryptocurrency markets were still a long way from realizing their full potential after the TerraUST VAT/USD and Luna crashes. The bear markets proved severe and unforgiving, leaving leading cryptocurrencies in a precarious state. Composed by the FTX Drama, the markets faltered.

Continue reading: Bitcoin, Ethereum, Dogecoin surge amid risk rally: Analyst Says Apex Crypto “appears to be stuck in a seesaw” around $17,000