Mad Money’s Jim Cramer stated in an interview that he already sold most of his BTC.
Jim Cramer said goodbye to most of his BTC
“Sold almost all of my bitcoin. I do not need it.”
Jim Cramer
Cramer mentioned China’s position on Bitcoin as the reason why he sold his crypto stash. He says that the country works hard to kill the whole Bitcoin system. Not only the mining space. He added that Bitcoin is a decentralized monetary network that China can’t control. Because of this, regulators in the country are afraid of it. So, they mainly want it out of the picture. By making an action against miners, they could shut it out permanently and prevent Bitcoin’s supremacy from getting bigger.
As much as 90% of China’s Bitcoin and crypto mining operations could be forced from the nation in the next few weeks. Cramer added:
“When the PRC [People’s Republic of China] goes after something, they tend to have their way. It is not a democracy. It is a dictatorship. I think that they believe it is a direct threat to the regime because of what it is. It is a system that is outside their control.”
Cramer announced that he used a part of his Bitcoin stash to pay off his mortgage. But he said that China was not the only entity he fears. He claims that regulators in the US gave threats to the Bitcoin network. He is unsure of how the country could approach or handle the cryptocurrency in the approaching years.
The United States isn’t helping
He cited the recent hacking of the Colonial Pipeline to boost his debate. He says that as long as bitcoin is used in ransomware attacks, the US will never have a positive outlook on Bitcoin.
“In our country, I think it is outside of our control when it comes to ransomware, and I doubt that Colonial is the first company to pay ransomware. Think they are the first that almost shut down 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 are going to go after you… I am saying that this is not going up because of structural reasons.”
Also, he is confident that Bitcoin ransomware attacks will be more prominent. Stating the fact that soon after Colonial was hit, Brazil’s JBS was also attacked by hackers looking for Bitcoin they didn’t earn. Unfortunately, the company has to pay the ransomware the hackers set off roughly $11 million in crypto.
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