Mad Money host Jim Cramer said that he has sold almost all of his bitcoins. He cited the Chinese government’s crackdown on Bitcoin mining and concerns about Bitcoin’s role in ransomware attacks.
Jim Kramer was worried about China’s mining crackdown and ransomware and sold almost all of his bitcoins
CNBC’s Mad Money show host Jim Cramer revealed on Monday that he has sold almost all of his bitcoins. As a former hedge fund manager, Kramer co-founded Thestreet.com, a financial news and literacy website.
Cramer cited the Chinese government’s crackdown on Bitcoin mining and the role of cryptocurrency in ransomware attacks, saying:
Sold almost all my bitcoins. No need for it.
Fearing large-scale inflation, Kramer started using Bitcoin at the end of last year. In March of this year, he said that gold disappointed him and suggested that people sell gold and increase their Bitcoin holdings. “If they listened to me, they would lose half of their gold. Since 1983, I have always said that gold accounts for 10%. Now I say gold accounts for 5% and Bitcoin accounts for 5%,” he said. However, about two months ago, the host of Mad Money stated that he sold some bitcoins to repay the mortgage.
According to data from Bitcoin.com Markets, at the time of writing, the price of Bitcoin fell to $31,602 on Monday because the People’s Bank of China (PBOC), the Central Bank of China, ordered financial institutions to cease all crypto-related activities. market.
The Chinese government has also been shutting down Bitcoin mines across China. A report in the “Global Times” supported by the Chinese Communist Party stated that more than 90% of the country’s mining capacity was shut down after the Sichuan authorities closed many mines in the province.
Clay defaults to:
When the People’s Republic of China pursues something, they tend to act in their own way…this is not democracy. This is dictatorship. I think they think this is a direct threat to the regime because it is a system beyond their control.
The Mad Money host also expressed concern about the role of Bitcoin in ransomware attacks and how the US government will deal with cryptocurrencies in combating ransomware attacks (such as the Colonial Pipeline and Brazilian JBS attacks). The Biden administration has prioritized combating ransomware attacks and is reportedly expanding cryptocurrency analysis to identify criminal transactions.
Cramer pointed out, “In our country, I think ransomware is beyond our control, and I suspect Colonial is the first company to pay for ransomware. I think they are the first to almost shut down the East Coast,” detailing:
I think the Justice Department and the FBI and the Federal Reserve and the Treasury Department can join forces and say,’Well, guys, if you pay for ransomware, we will hunt you down.
As China cracked down on Bitcoin mining and ransomware attacks, Clay defaulted that Bitcoin “will not rise for structural reasons.”
What do you think about Jim Cramer dumping his Bitcoin due to China’s mining crackdown and ransomware issues? Tell us in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author shall not bear direct or indirect responsibility for any damage or loss caused or claimed to be caused by using or relying on any content, goods or services mentioned in this article.