CNBC’s James Cramer, also known as Jim Cramer, has fessed up to selling nearly all of his Bitcoin amid fears of China possibly killing the world’s largest cryptocurrency following the nation having intensified its attack.
BTC dropped below $32,000 in price on Monday, on the back of China’s Global Times reporting more than 90 percent of the country’s mining capacity has been made void, with the Sichuan province closing several mines therein.
It’s also being reported that China’s central bank, the People’s Bank of China, has instructed local banks to withdraw any crypto-related services, making things even harder for folks in the country to transact via the use of digital assets.
On Monday, Cramer, who hosts CNBC show Mad Money, revealed having sold most of his Bitcoin holdings in what crypto enthusiasts might call a paper-handed move. The former hedge fund manager claimed to have trimmed his position and cleared his home mortgage with his Bitcoin profits just two months ago – this week, however, he asserts he has no need for Bitcoin.
“Sold almost all of my bitcoin. Don’t need it,” he said on Squawk on the Street.
“When the PRC goes after something, they tend to have their way. … It’s not a democracy. It’s a dictatorship. 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.”
The Other Concern
The 66-year-old show host has also expressed concerns over how the United States could treat Bitcoin in the wake of the Colonial Pipeline attack, a cyber undertaking that caused major issues with the gas supply in the southeastern part of the country. Colonial was made to pay $5 million in BTC as a ransom to the hackers but the government was able to retrieve $2.3 million.
Brazilian beef supplier JBS was also the victim of an attack which saw to an $11 million sum being paid in the form of a ransom.
“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 added. “I think they’re the first that almost shutdown the East Coast. 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.’”