{"id":8566,"date":"2021-06-22T00:54:26","date_gmt":"2021-06-22T00:54:26","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/mad-moneys-jim-cramer-dumps-his-bitcoin-over-china-mining-crackdown-and-ransomware-concerns\/"},"modified":"2021-06-22T00:54:26","modified_gmt":"2021-06-22T00:54:26","slug":"mad-moneys-jim-cramer-dumps-his-bitcoin-over-china-mining-crackdown-and-ransomware-concerns","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/mad-moneys-jim-cramer-dumps-his-bitcoin-over-china-mining-crackdown-and-ransomware-concerns\/","title":{"rendered":"Mad Money\u2019s Jim Cramer Dumps His Bitcoin Over China Mining Crackdown and Ransomware Concerns"},"content":{"rendered":"

Mad Money host Jim Cramer said he has sold almost all of his bitcoin. He cited the Chinese government\u2019s crackdown on bitcoin mining and concerns over bitcoin\u2019s role in ransomware attacks.<\/strong><\/p>\n

Jim Cramer Worried About China\u2019s Mining Crackdown and Ransomware, Sold Almost All His Bitcoin<\/h2>\n

The host of CNBC\u2019s Mad Money show, Jim Cramer, revealed Monday that he has sold almost all of his bitcoin. A former hedge fund manager, Cramer co-founded Thestreet.com, a financial news and literacy website.<\/p>\n

Citing the Chinese government\u2019s bitcoin mining crackdown and the cryptocurrency\u2019s role in ransomware attacks, Cramer said:<\/p>\n

Sold almost all of my bitcoin. Don\u2019t need it.<\/p>\n

Cramer got into bitcoin towards the end of last year in fear of massive inflation<\/a>. In March this year, he said gold let him down and advised people to sell gold and increase their bitcoin holdings. \u201cIf they listen to me, they\u2019re going to drop half their gold. I\u2019ve been saying 10% in gold since 1983. And now I say 5% in gold, 5% in bitcoin,\u201d he said<\/a>. However, about two months ago, the Mad Money host said that he sold some bitcoins to pay off his mortgage.<\/p>\n

Bitcoin\u2019s price<\/a> slid on Monday to $31,602 at the time of writing based on data from Bitcoin.com Markets as the news of China\u2019s central bank, the People\u2019s Bank of China (PBOC), ordering financial institutions to stop<\/a> all crypto-related activities spread across the markets.<\/p>\n

The Chinese government has also been closing down bitcoin mining farms in various areas in China. A report in the Chinese Communist Party-backed Global Times newspaper claims that more than 90% of the country\u2019s mining capacity is shut down after authorities in Sichuan<\/a> closed down many mining farms in the province.<\/p>\n

Cramer opined:<\/p>\n

When the PRC goes after something, they tend to have their way \u2026 It\u2019s not a democracy. It\u2019s a dictatorship. I think that they believe it\u2019s a direct threat to the regime because what it is, is a system that\u2019s outside their control.<\/p>\n

The Mad Money host has also voiced concerns about bitcoin\u2019s role in ransomware attacks and how the U.S. government will handle the cryptocurrency in its efforts to fight ransomware attacks, such as the ones suffered by Colonial Pipeline<\/a> and Brazil\u2019s JBS. The Biden administration<\/a> has made fighting ransomware attacks a priority and is reportedly expanding<\/a> cryptocurrency analysis to identify criminal transactions.<\/p>\n

<\/p>\n

Cramer noted, \u201cIn our country, I think it\u2019s outside of our control when it comes to ransomware, and I doubt that Colonial is the first company to pay ransomware. I think they\u2019re the first that almost shut down the East Coast,\u201d elaborating:<\/p>\n

I think the Justice Department and the FBI and the Federal Reserve and Treasury could coalesce and say, \u2018Ok guys, if you pay ransomware, we\u2019re going to go after you.\u2019<\/p>\n

With China cracking down on bitcoin mining and ransomware attacks, Cramer believes that bitcoin \u201cis not going up because of structural reasons.\u201d<\/p>\n

What do you think about Jim Cramer dumping his bitcoin due to China\u2019s mining crackdown and ransomware concerns? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nFeatured, bitcoin mining crackdown, China crackdown, Jim Cramer, jim cramer bitcoin, jim cramer crypto, jim cramer sold bitcoins, mad money, Ransomware attacks<\/p>\n","protected":false},"excerpt":{"rendered":"

Mad Money host Jim Cramer said he has sold almost all of his bitcoin. He cited the Chinese government\u2019s crackdown on bitcoin mining and concerns over bitcoin\u2019s role in ransomware attacks. Jim Cramer Worried About China\u2019s Mining Crackdown and Ransomware, Sold Almost All His Bitcoin The host of CNBC\u2019s Mad Money show, Jim Cramer, revealed…<\/p>\n","protected":false},"author":0,"featured_media":8567,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8566"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8566"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8566\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8567"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}