Jim Cramer says he ‘sold almost all’ of his bitcoin after China’s crypto crackdown

STAKE IN THE WORLD'S LARGEST MUSIC GROUP, UNIVERSAL WE HAVE THE DETAILS. >>> CRYPTO CRASHING. THE REALITY OF REGULATION CERTAINLY SPOOKS INVESTORS JIM, YOU WERE TALKING ABOUT BITCOIN WITH THE "SQUAWK" GANG AND BEFORE WE CAME ON THE AIR. >> I THINK THERE ARE A LOT OF HEADWINDS NOW TO BITCOIN TOM DE MARK SAYS IT HAS TO HOLD 30,000 THERE ARE TWO HEADWINDS.

I THINK WHEN THE PRC GOES AFTER SOMETHING, THEY TEND TO HAVE THEIR WAY. LOOK, IT'S NOT A DEMOCRACY IT'S A DICTATORSHIP. I KEEP THINKING ABOUT THE FBI AND RANSOMWARE AND WHAT HAPPENED WITH COLONIAL. HOW MANY HAVE WE NOT FOUND OUT PEOPLE MUST BE PAYING RANSOM SO, HOW ABOUT IF THE FBI GOES TO, SAY, THE IRS OR GOES TO THE JUSTICE DEPARTMENT AND SAYS, WE CAN'T CONTROL THIS THEN THEY REFER IT TO THE FEDERAL RESERVE.

THE FEDERAL RESERVE DOESN'T WANT BITCOIN. AND THEN THEY DECIDE, YOU KNOW WHAT, NO MORAN SOME WEAR JUST LIKE YOU DON'T PAY FOR KIDNAPPING NEXT THING YOU KNOW, INSTEAD OF THINKING BITCOIN SHOULD GO UP, IF IT'S OUTLAWED, RIGHT, OR IF IT'S MADE TOUGHER TO BE MINING, BITCOIN GOES DOWN. AS IF PEOPLE ARE SAYING, I HAVE TO REDEEM. >> IT'S AN INTERESTING THING WHEN LESS OF SOMETHING IS BEING MINED, IT GOES DOWN AS OPPOSED TO UP. >> GOLD, YOU WOULD SAY, LESS GOLD. >> CLOSING DOWN 90% OF THE GOLD MIPS WOULD – >> HOW ELSE COULD IT GO DOWN >> YOUR ARGUMENT IS CHINA MAY BE TRYING TO CRUSH IT AS A USE CASE, PERIOD >> ABSOLUTELY. LOOK, CHOOIB CHINA — PRESIDENT XI IS DIFFERENT. WE ALL SEEM TO THINK WE ARE DEALING WITH THE OLD COMMUNIST CHINA, WHICH IS THAT IF YOU DO SOMETHING BAD, THEY'LL COME AFTER YOU HARD NOW THEY'RE JUST ASSERTING THEIR STRENGTH EVERYWHERE.

IF THEY DON'T LIKE BITCOIN, THEY GO AFTER THE TOWN THAT HAS HYDROPOWER AND SAYS, WE DON'T WANT TO DO THIS. REMEMBER WHEN YOU FOUND JACK MOTT. >> PI? >> YES I WAS OUT THERE, LOOKING HIGH AND LOW. >> BUT YOU DID NOT FIND HIM IN A CASTLE >> NO. HE WAS HOME. >> RIGHT AND — >> YES, HE HAS BEEN QUIET. YOUR POINT IS THEY DID SO-CALLED CRACK DOWN OR AT LEAST MAKE IT CLEAR WHO IS IN CHARGE. >> THAT'S THE POINT. AND HE HAS BEEN MUCH QUIETER. >> I THINK BITCOIN IS A DIRECT THREAT — I THINK THEY BELIEVE BITCOIN IS A DIRECT THREAT TO THE REGIME IT'S A SYSTEM THAT'S OUTSIDE OF THEIR CONTROL. IN OUR COUNTRY, I THINK IT'S OUTSIDE OF OUR CONTROL WHEN IT COMES TO RANSOMWARE.

I DOUBT 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 COULD — AND TREASURY COULD COALESCE TO SAY, OKAY, GUYS, IF YOU PAY RANSOMWARE, WE'RE GOING TO GO AFTER YOU AND SO — LOOK, I'M STRUGGLING FOR WHY WHEN YOU LIMIT — WHEN YOU LIMIT MINING, IT SHOULD OBVIOUSLY GO UP, UNLESS THERE'S A WORLDWIDE REDEMPTION OF WHICH, IF I HOPE, TETHERS IS DEEPLY INVOLVED I KNOW KATE ROONEY DID A PIECE ABOUT TETHER LAST WEEK AND HOW IT COULD POSSIBLY BE THE WEAK LINK BECAUSE THEY ARE PART OF WHAT'S INVOLVED IN TRADING AND THEY HAVE NOT REALLY TOLD US WHAT KIND OF COMMERCIAL PAPER BACKS THEN YET THEY'RE ONE OF THE LARGEST BUYERS YET, I CAN'T FIND ANYONE THAT DOES ANY BUSINESS WITH THEM.

I HAVE THE TETHER WEAK LINK, I HAVE WHAT THE HECK IS GOING ON, THIS THING IS GOING DOWN IF IT CAN'T BE MINED AND I HAVE THE POSSIBILITY THAT COLONIAL ISN'T THE ONLY RANSOMWARE. I'M SAYING THIS IS NOT GOING UP BECAUSE OF STRUCTURAL REASONS. AND I KNOW TOM DE MARK FEELS THIS IS GREAT TECHNICIAN SAYS 30,000 INTRADAY. LOOK OUT.

You May Also Like