CNBC’s Jim Cramer Says He’s Sold ‘Almost All’ of His Bitcoin, Warns of US and China Government Crackdowns

One of Wall Street’s most-watched analysts is pumping the brakes on crypto-mania by saying that he’s sold off his Bitcoin.

During Monday’s edition of Squawk on the Street, CNBC’s Jim Cramer delivered a dreary forecast for Bitcoin — which, as of this writing, is below $30,000 for the first time since January, and down more than 50 percent from its 2021 high of approximately $65,000. Cramer believes that opposition from the Chinese government, and potentially, the U.S. government, could prove to be a major roadblock.

Of China, Cramer said, “I think they believe Bitcoin is a direct threat to the regime. Because what it is is a system that’s outside of their control.”

Then, discussing possible U.S. opposition, Cramer referenced the multi-million dollar ransom paid out in Bitcoin by Colonial Pipeline after hackers shut down the company’s system in a move that temporarily crippled fuel supply along the east coast. The CNBC analyst believes such cyberattacks are likely to turn the Department of Justice and other government entities against Bitcoin.

“In our country, I think it’s outside of our control when it comes to ransomware,” Cramer said. “And I doubt that Colonial is the first company to pay ransomware. I think they’re the first that almost shut down the east coast. But I think that the Justice Department, the FBI, and the Federal Reserve and Treasury could coalesce and say, ‘OK guys, if you pay ransomware, we are going to go after you.'”

Cramer went on to cite what he views as other red flags — such as questions about the soundness of Tether, another large cryptocurrency. For the CNBC analyst, there are just too many warning signs for him to stay in the Bitcoin game.

“Sold almost all of my bitcoin,” Cramer said. “Don’t need it.”

Watch above, via CNBC.