Jim Cramer says he sold nearly all his bitcoin and that the cryptocurrency isn't going back up because of structural reasons including regulation and cyberattacks
Jim Cramersaid Monday he sold nearly all his bitcoinholdings.
- "Sold almost all of my bitcoin," Cramer said. "Don't need it.
- Cramer cited China's crackdown on
cryptocurrencyand recent cyberattacks as reasons for selling.
The CNBC host Jim Cramer on Monday said he sold nearly all of his bitcoin holdings amid various concerns surrounding the cryptocurrency.
"Sold almost all of my bitcoin," Cramer said during Monday's "Squawk on the Street." "Don't need it.
The comment came two months after Cramer said he used bitcoin profits to pay off his mortgage.
While Cramer did not say how much he owned, he said he bought the digital currency when it was worth $12,000, the level bitcoin was trading at in 2019.
Bitcoin has fallen roughly 50% from its record high of $65,000 in April.
"I'm saying that this is not going up because of structural reasons," Cramer said, referring to bitcoin's value.
The "Mad Money" host pointed to China's toughening stance toward cryptocurrencies, from ramping up a crackdown on cryptocurrency mining to ordering domestic banks and payment platforms not to provide services related to virtual currencies.
"When the PCR goes after something, they tend to have their way," he said. "It's not a democracy. It's a dictatorship."
He added: "I think that they believe it's a direct threat to the regime because what it is, is a system that's outside their control."
Cramer also blamed a string of recent cyberattacks, which have been a stark reminder of the unregulated nature of bitcoin and other cryptocurrencies.
"In our country, I think it's outside of our control when it comes to ransomware, and I doubt that Colonial is the first company to pay ransomware," Cramer said. "I think the Justice Department and the FBI and the Federal Reserve and Treasury could coalesce and say, 'OK guys, if you pay ransomware, we're going to go after you.'"
In April, the Colonial Pipeline was hit with a ransomware attack, which led to gas shortages and outages up and down the East Coast. Shortly after, JBS, the largest meat supplier, announced it was the victim of a similar hack.
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