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Bitcoin price: Mad Money host Jim Cramer sells cryptocurrency holdings

A former Goldman Sachs trader turned to a television host and sold almost all Bitcoins, saying that the value of cryptocurrencies would not be restored.

Jim Cramer, the host of TV’s Mad Money program, said he has offloaded Bitcoin holdings due to various concerns surrounding cryptocurrencies.

Former Goldman Sachs trader said Squawk on the Street China’s strict stance on cryptocurrencies and potential US regulation meant that investments were no longer worth it.

“I sold almost every bitcoin,” Cramer said this week. “I don’t need it.”

Bitcoin has fallen about 50% from its all-time high of $ 65,000 ($ 86,000) in April, and Cramer says it doesn’t expect it to return to these levels.

“I’m saying this won’t go up for structural reasons,” he said.

Kramer didn’t say how much he owns, but said he bought the digital currency when Bitcoin was worth the $ 12,000 ($ 16,000) he was trading in 2019. Holding Bitcoin to pay off his mortgage.

This week’s Bitcoin fell below $ US30,000 ($ A40,000) for the first time since January. The level that experts were afraid of would trigger the execution of cryptocurrencies. However, so far it has been stable at around $ 34,000 ($ 45,000).

Mr Kramer said China’s crackdown on cryptocurrencies will only increase.

“When PCR chases something, they tend to give way,” he said. “It’s not democracy. It’s dictatorship.”

“I think they believe it is a direct threat to the administration because what it is is a system beyond their control,” he said.

Cramer also flagged potential regulations in the United States under ransomware attacks, including the Colonial Pipeline in April, causing gas shortages on the east coast of the United States.

“I think ransomware is out of our control in our country. I don’t think colonials are the first companies to pay for ransomware,” said Cramer. “The Justice Department and the FBI, the Federal Reserve and the Treasury can come together and say,” OK everyone, if you pay the ransomware, we’ll chase you. ” “

It came after a millionaire investor Mark Cuban said it was hit by Titan’s investment in cryptocurrencies It fell from $ 60 to $ 0 in a day.

With the Dallas Mavericks Basketball Team Owner Shark tank The host said it was “my mistake” not to do his homework at Titan.

Cuba hasn’t revealed how much it lost in the crash, but his investment was “not big enough that I felt it was scattered in every I and needed to cross every T,” he told Bloomberg. It was.

He wants more regulation to “define what a stable coin is.”

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