Jim Cramer, the former hedge fund manager and host of CNBC’s Mad Money might have sold a majority of his Bitcoin holdings just yesterday, but he is already looking to get in the Bitcoin game again. During his recent appearance of Squawk Box Cramer said he doesn’t believe the market is near its bottom as he can’t see people giving up on the top cryptocurrency. He also said that he would buy Bitcoin again at $10,000-$12,000 price range where he had bought a lot earlier.
He also talked about the Chinese factor and said they don’t like American billionaires to control a rival currency to their own.
"The Chinese don't want billionaires in America to control a rival currency to their own," says @jimcramer on #bitcoin. "I would go back in if I get it back in at $10,000, $11,000, $12,000." pic.twitter.com/o89snPMsU7
— Squawk Box (@SquawkCNBC) June 22, 2021
The Mad Money host yesterday raised concerns over the Chinese crackdown and revealed that he has sold a majority of his Bitcoin holdings. Cramer had also cited the growing number of ransomware attacks to be another reason behind his selling as he believed the FBI and Treasury department could also issue a crackdown on the top cryptocurrency.
The news about Cramer selling the majority of his Bitcoin holdings came just a couple of months after he revealed he has paid off his house mortgage from Bitcoin Profit.
“I like Ethereum more than Bitcoin at this point”
During today’s appearance on Squawk Box Cramer also said that he likes Ethereum more than BTC at this point. Although he didn’t elaborate on the reasons behind his liking for the second largest crypto asset, it could be because of the China factor.
Bitcoin price today fell below the key support of $30k, currently trading at $29,447 registering a new 5-month low. The next immediate support is between $28,000-$28,500. Just like Bitcoin, most of the altcoins registered a double-digit decline as the crypto market fell by nearly 15%.