Jim Cramer, host of CNBC’s Mad Money and former hedge fund manager at Cramer & Co., has announced he has sold most of his Bitcoin holdings as a result of China’s crackdown on crypto mining.
According to him, the price of the currency will keep falling because of several reasons, including the concerns around the stablecoin Tether, the ransomware attacks in which hackers ask victims to pay ransoms in cryptocurrencies and the strict measures adopted by China against the cryptocurrency sector.
He says that the central bank of China believes Bitcoin is a threat, and that is why it has started this fierce fight against the crypto:
“When the PRC goes after something, they tend to have their way… It’s not a democracy. It’s a dictatorship. I think that they believe it’s a direct threat to the regime because what it is, is a system that’s outside their control.”
He has also said he hoped the decrease in the rate of crypto mining as a result of the closure of multiple mining centers in China could drive the price of the crypto up, however, this has not happened.
Regarding the current drop of the price of the asset, he has said that new investors could consider investing in the crypto now it is closer to $30,000, however, he does not plan to buy more Bitcoins.