Jim Cramer, The CNBC host, specified that he sold almost all of his Bitcoin holdings amid crypto volatility. However, the TV host and former hedge fund manager said he would buy Bitcoin again if it really went to the tank.
On Tuesday, Bitcoin rebounded like a roller coaster after falling more than 9% and trading below $ 30,000 before pulling back above the mark.
In an interview with CNBC’s “Squawk on the Street” on Tuesday, Cramer said he would be back:
“I would go in again if I could get it for $ 10,000, $ 11,000, $ 12,000 – where I bought a lot”,
Cramer once revealed that he’sAlmost all of my bitcoins were old on Monday. “He claimed that it was unnecessary to need virtual currencies.
The slump was a continuation of the recent sell-off as China stepped up its crackdown on cryptocurrency mining and urged financial institutions not to offer services to the industry.
The Bitcoin price dropped, and Cramer stated that given China’s restrictions on crypto mining (the nation has spearheaded global bitcoin mining efforts in the past), he would have expected the opposite.
“Of course, if you cut back on mining, (the price) should go up,” Cramer said.
“I’m saying this is not going up for structural reasons,” Cramer said, referring to the value of Bitcoin.
One factor influencing Crammer’s move was China’s tougher stance on crypto assets, increased crackdown on crypto mining, and ordering local banks and payment platforms not to offer services to crypto-related companies.
He raised concerns about Bitcoin’s role in the Colonial Pipeline ransomware payment and other ransomware cases that have a clear reminder of the unregulated nature of cryptocurrencies.
said Cramer. “I think the Department of Justice and the FBI and the Federal Reserve and the Treasury could join forces and say, ‘Okay, folks, if you pay for ransomware, we’re going to go after you.'”
The two government forces gave Cramer enough break that he decided to dump most of his bitcoins.
Profit-taking on large investments Invest
Jim Cramer has been a proponent of Bitcoin for quite some time. In February he did turned bullish on the Bitcoin balance sheet, stating that it is almost irresponsible not to add Bitcoin to the balance sheets after buying Tesla.
He also stated that in the recent past he has been open to being paid in bitcoin instead of cash. He previously announced that he invested $ 500,000 in Bitcoin after becoming frustrated with gold.
In April, he paid off a mortgage with the profits from his Bitcoin investment.
Last month, Cramer sold half of his Ethereum holdings to buy an all-electric Hummer. He didn’t state the amount he used to buy the Hummer Cramer, but the model starts at $ 100,000.
However, his recent sell-off doesn’t mean he’s done with crypto investing. On the contrary, he’s still in the game. Yesterday, Cramer said he would sit on the sidelines to watch crypto prices move.
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