American television personality Jim Cramer recently disclosed that almost all his Bitcoin holdings had been disposed of. CNBC’s interview featured Mad Money host Jim Cramer, who expressed concern about China’s latest crackdown on Bitcoin miners in China.
Cramer disclosed his Bitcoin holdings in December 2020 and said that he had purchased the largest cryptocurrency under $18,000. Cramer also described Bitcoin as a great tool to diversify portfolios.
Cramer stated in a recent statement that Bitcoin is not rising due to structural reasons.
“Sold almost all my Bitcoin. I don’t use it. The People’s Republic of China (PRC) tends to get their way when they pursue something. It is not democracy. It is a dictatorship. They believe it is a threat to their regime, as it is an outside system.
For the past six weeks, Bitcoin has been in a downward trend. Bitcoin lost over 50% from its April 2021 record of $64,000. BTC trades below $30,000, with a market cap of $550 billion as of this writing.
Bitcoin and Ransomware
Cramer commented on the ransom payments made by US-based companies via Bitcoin. He said that “In our country,” he thought, was beyond our control in ransomware. Colonial is not the first company to make ransomware. They’re the ones that nearly shut down the East Coast. The Justice Department, FBI, Federal Reserve and Treasury could all come together and say, “OK guys, if ransomware is paid, we’re going after you.”
The US Department of Justice (DOJ), earlier this month, seized 64 Bitcoin that had been paid ransom by Colonial Pipeline to DarkSide, a hacker group.