Mad Money's Jim Cramer Is Pouring His Bitcoin Over Chinese Mining Concerns and Ransomware Concerns

Mad Money host Jim Cramer said he has sold almost all of his Bitcoin. He cited the Chinese government's crackdown on bitcoin mining and his concerns about bitcoin's role in ransomware attacks. Concerned about Chinese crackdowns and ransomware, Jim Cramer has sold almost all of his Bitcoin, CNBC's Mad Money host Jim Cramer announced on Monday that he has sold almost all of his Bitcoin. A former hedge fund manager, Cramer founded Thestreet.com, a financial news and literacy site. Citing the Chinese government's crackdown on bitcoin and the cryptocurrency's role in ransomware attacks, Cramer said: Almost all of my bitcoins have been sold. I do not need this. Cramer got into Bitcoin late last year for fear of massive inflation. In March of this year, he said gold had failed and advised people to sell gold and increase their bitcoin holdings. "If they listen to me, they'll drop half their gold. Since 1983 I've been saying 10% for gold. And now I say 5% gold, 5% bitcoin," he said. However, about two months ago, the Mad Money host said that he sold some bitcoins to pay off his debt. Based on data from Bitcoin.com Markets based on news from the People's Bank of China (PBOC), the People's Bank of China (PBOC), the price of Bitcoin dropped to $31,602 on Monday. The Chinese government has also shut down bitcoin mining companies in various regions of China. A report in the Chinese Communist Party-backed Global Times newspaper claims that more than 90% of the country's mining capacity was shut down after officials. In Sichuan, he closed many mining companies in the province. Cramer said: When the People's Republic of China goes after something, they tend to get what they want… It's not a democracy. This is a dictatorship. they use whatever system the regime is beyond their control. Mad Money presenter also has sound

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