Jim Cramer, the host of CNBC’s “Mad Money,” said he has sold most of his bitcoin holdings following China’s crackdown on crypto miners in the province of Sichuan.
In an interview on CNBC’s “Squawk Box” on Monday, Cramer said bitcoin has structural issues and its price would likely fall further.
Cramer cited three concerns, including doubts about the integrity of stablecoin issuer Tether and its link to the crypto markets, China’s mining crackdown and those outside Colonial Pipeline paying bitcoin to stop ransomware attacks.
“Thirty-thousand dollars intraday, look out, gotta hold. Maybe the buy point,” Cramer said, referring to bitcoin’s psychological region of support. “I’m not going there, sold almost all of my bitcoin. Don’t need it.”
The price of the world’s largest cryptocurrency by market cap fell more than 11% on Monday following news that China’s central bank told the country’s major financial institutions to stop acceptating virtual-currency transactions.
Bitcoin was last seen changing hands at $32,919, down 5.6% over a 24-hour period and off about 50% from its all-time high of $64,829 on April 14, according to CoinDesk 20 data.