“Mad Money” Host Explains Why He Sold His Bitcoin
Jim Cramer, the host of CNBC’s “Mad Money” has admitted he sold almost all of his bitcoin as the asset continues to tumble in price.
He made the revelation on June 21 during an interview with CNBC’s Squawk Box, in which he cited several reasons for his decision to sell.
“Sold almost all of my bitcoin. Don’t need it,” Cramer said, citing China’s mining crackdown as the primary reason. He acknowledged that Bitcoin is a direct threat to the Beijing regime and its tight grip on capital flow within the country.
Cramer has previously described his Bitcoin ownership as an alternative to a cash position. However, he is becoming increasingly concerned over regulatory pressure in the U.S. as well as in the Far East.
A number of U.S. politicians and lawmakers have outright derided crypto assets due to their role as a payment method in recent ransomware attacks on American business targets.
