{"id":129553,"date":"2021-06-21T14:42:37","date_gmt":"2021-06-21T14:42:37","guid":{"rendered":"https:\/\/precoinnews.com\/?p=129553"},"modified":"2021-06-21T14:42:37","modified_gmt":"2021-06-21T14:42:37","slug":"cramer-says-he-sold-almost-all-of-his-bitcoin-fearing-china-has-had-it-with-crypto","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/cramer-says-he-sold-almost-all-of-his-bitcoin-fearing-china-has-had-it-with-crypto\/","title":{"rendered":"Cramer says he &#x27;sold almost all&#x27; of his bitcoin, fearing China has had it with crypto"},"content":{"rendered":"<ul>\n<li>&quot;Sold almost all of my bitcoin. Don&#x27;t need it,&quot; CNBC&#x27;s Jim Cramer said Monday.<\/li>\n<li>The &quot;Mad Money&quot; host expressed concerns about the mining crackdown in China and ransomware attacks in the U.S.<\/li>\n<li>&quot;I&#x27;m saying that this is not going up because of structural reasons,&quot; Cramer said.<\/li>\n<\/ul>\n<p>CNBC&#x27;s Jim Cramer said Monday he&#x27;s offloaded most of his bitcoin holdings, expressing concerns around the recent crackdown on crypto mining by the Chinese government and bitcoin&#x27;s role in some ransomware attacks.<\/p>\n<p>&quot;Sold almost all of my bitcoin. Don&#x27;t need it,&quot; Cramer said on &quot;Squawk on the Street,&quot; more than two months after he first indicated he trimmed his position and paid off a home mortgage with those profits.<\/p>\n<p>The price of bitcoin fell more than 6% on Monday to roughly $33,000 per token, around a two-week low. The move lower follows a report in the Communist Party-backed Global Times newspaper that said more than 90% of the country&#x27;s mining capacity is shut down after authorities in the provenience of Sichuan closed &quot;many mines&quot; located there.<\/p>\n<p>China had for years been home to more than half the world&#x27;s mining capacity. Miners play a crucial role in the bitcoin ecosystem, using high-powered computers to verify transactions across the decentralized blockchain. In exchange, they are rewarded with bitcoin.<\/p>\n<p>&quot;When the PRC goes after something, they tend to have their way. &#8230; It&#x27;s not a democracy. It&#x27;s a dictatorship,&quot; Cramer said, using an acronym for the People&#x27;s Republic of China. He added, &quot;I think that they believe it&#x27;s a direct threat to the regime because what it is is a system that&#x27;s outside their control.&quot;<\/p>\n<p>Cramer \u2014 who has previously described his bitcoin ownership as an alternative to a cash position \u2014 said Tuesday he also harbors concerns about how the U.S. government will approach the world&#x27;s largest cryptocurrency by market value in light of the Colonial Pipeline attack.<\/p>\n<p>In that cyber incident, which in May disrupted gas supply on the East Coast, the company paid a $5 million ransom in bitcoin to the hackers. U.S. law enforcement was able to claw back $2.3 million of that payment.<\/p>\n<p>&quot;In our country, I think it&#x27;s outside of our control when it comes to ransomware, and I doubt that Colonial is the first company to pay ransomware. I think they&#x27;re the first that almost shutdown the East Coast,&quot; Cramer said. &quot;I think the Justice Department and the FBI and the Federal Reserve and Treasury could coalesce and say, &#x27;OK guys, if you pay ransomware, we&#x27;re going to go after you.&quot;<\/p>\n<p>Shortly after the Colonial, another ransomware group targeted the world&#x27;s largest supplier of beef. That company, Brazil&#x27;s JBS, paid the hackers $11 million.<\/p>\n<p>Looking at these two headwinds for bitcoin, Cramer said, &quot;I&#x27;m saying that this is not going up because of structural reasons.&quot;<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/06\/21\/cramer-sold-almost-all-of-his-bitcoin-fears-china-is-over-crypto.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&quot;Sold almost all of my bitcoin. Don&#x27;t<\/p>\n","protected":false},"author":3,"featured_media":129552,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cramer says he &#x27;sold almost all&#x27; of his bitcoin, fearing China has had it with crypto - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/cramer-says-he-sold-almost-all-of-his-bitcoin-fearing-china-has-had-it-with-crypto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cramer says he &#x27;sold almost all&#x27; of his bitcoin, fearing China has had it with crypto - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"&quot;Sold almost all of my bitcoin. 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