• Jim Cramer of Mad Money sells his bitcoin due to a crackdown on mining in China and concerns about ransomware

  • Jim Cramer, the host of Mad Money, revealed he has sold almost all of his bitcoin. He noted concerns about bitcoin’s participation in ransomware attacks as well as the Chinese government’s ban on bitcoin mining.

    Concerned about China’s anti-mining crackdown and ransomware, Jim Cramer sold almost all of his bitcoin. Jim Cramer, the host of CNBC’s Mad Money, disclosed on Monday that he has sold almost all of his bitcoin. Cramer co-founded Thestreet.com, a financial news and information website, as a former hedge fund manager.

    Cramer said, citing the Chinese government’s crackdown on bitcoin mining and the cryptocurrency’s role in ransomware attacks:

    Almost all of my bitcoin has been sold. It isn’t required.

    Fearing huge inflation, Cramer invested in bitcoin at the end of last year. He said gold let him down in March of this year, and he recommended people to sell gold and boost their bitcoin holdings. “If they listen to me, they’ll give up half their gold,” says the narrator. Since 1983, I’ve been predicting a 10% increase in gold. And now I’m saying 5% in gold and 5% in bitcoin,” he remarked. However, the Mad Money host revealed two months ago that he had sold some bitcoins to pay off his mortgage.

    According to statistics, Bitcoin’s price fell on Monday to $31,602 at the time of writing, as news of China’s central bank, the People’s Bank of China (PBOC), ordering financial institutions to cease all crypto-related activity circulated across the markets.

    In addition, the Chinese government has begun shutting down bitcoin mining operations in various parts of the country. According to a report in the Chinese Communist Party-backed Global Times newspaper, more than 90% of China’s mining capacity has been shut down after authorities in Sichuan shut down numerous mining farms in the region.

    According to Cramer,

    When the PRC sets its sights on something, it usually gets its way… It isn’t a democratic system. It’s a totalitarian regime. I believe they see it as a direct danger to the government since it is a system that they have no control over.

    The host of Mad Money has also expressed concerns about bitcoin’s role in ransomware attacks and how the US government will treat the cryptocurrency in its efforts to combat ransomware assaults like those that hit Colonial Pipeline and JBS in Brazil. The Biden administration has made thwarting ransomware assaults a top focus, and bitcoin analysis is apparently being expanded to spot illicit transactions.

    “I believe it is outside of our control in our country when it comes to ransomware, and I doubt Colonial is the first company to pay ransomware,” Cramer said. They’re the first, I believe, to have nearly shut down the East Coast,” he adds, elaborating:

    I believe that the Justice Department, FBI, Federal Reserve, and Treasury could band together and say, “OK people, if you pay ransomware, we’ll go after you.”

    Cramer believes bitcoin will not rise due to structural factors as China cracks down on bitcoin mining and malware threats.

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