'Mad Money' Host Jim Cramer Says He's Sold Most of His Bitcoin Following China Crackdown

The CNBC broadcaster sees more downside.

AccessTimeIconJun 22, 2021 at 3:40 a.m. UTC
Updated Sep 14, 2021 at 1:47 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Jim Cramer, the host of CNBC's "Mad Money," said he has sold most of his bitcoin holdings following China's crackdown on crypto miners in the province of Sichuan.

In an interview on CNBC's "Squawk Box" on Monday, Cramer said bitcoin has structural issues and its price would likely fall further.

Cramer cited three concerns, including doubts about the integrity of stablecoin issuer Tether and its link to the crypto markets, China's mining crackdown and those outside Colonial Pipeline paying bitcoin to stop ransomware attacks.

"Thirty-thousand dollars intraday, look out, gotta hold. Maybe the buy point," Cramer said, referring to bitcoin's psychological region of support. "I'm not going there, sold almost all of my bitcoin. Don't need it."

The price of the world's largest cryptocurrency by market cap fell more than 11% on Monday following news that China's central bank told the country’s major financial institutions to stop acceptating virtual-currency transactions.

Bitcoin was last seen changing hands at $32,919, down 5.6% over a 24-hour period and off about 50% from its all-time high of $64,829 on April 14, according to CoinDesk 20 data.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.