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A former Goldman Sachs trader turned into a TV host. He sold almost all of his bitcoins, stating that the value of cryptocurrencies will not rise.
Jim Cramer, the host of the TV Crazy Money show, said that he has dumped his Bitcoin holdings, citing various concerns surrounding cryptocurrencies.
The former Goldman Sachs trader told Scream in the street China’s hardline stance on cryptocurrency and potential U.S. regulation means that investment is no longer worthwhile.
“I sold almost all of my bitcoins,” Kramer said this week. “No need”.
Bitcoin has fallen by about 50% from its all-time high of $65,000 ($86,000) set in April, and Kramer said he does not think it will return to these levels.
“I mean, for structural reasons, this will not go up,” he said.
Although Kramer did not say how much he owns, he said that he bought the digital currency when it was worth $12,000 (A$16,000), which is the transaction price of Bitcoin in 2019. He said he used the proceeds for his Bitcoin holdings to repay the mortgage.
This week, Bitcoin fell below $30,000 (A40,000 U.S. dollars) for the first time since January. Experts worry that this level will cause a run on cryptocurrencies. However, so far, it has successfully stabilized at around US$34,000 (A$45,000).
Cramer said that China’s crackdown on cryptocurrencies will only get bigger and bigger.
“When PCR pursues something, they tend to act in their own way,” he said. “This is not democracy. This is dictatorship.”
“I think they see this as a direct threat to the regime because it is a system that is not under their control,” he said.
Cramer also pointed to potential U.S. regulation that has been attacked by ransomware, including a gas shortage on the east coast of the U.S. caused by a colony pipeline in April.
“In our country, I think ransomware is beyond our control, and I suspect Colonial is the first company to pay for ransomware,” Cramer said. “I think the Justice Department, the FBI, the Federal Reserve and the Treasury Department can join forces and say,’Well, guys, if you pay for ransomware, we will hunt you down.'”
It is after billionaire investors Mark Cuban said he was hit by investing in Titan cryptocurrency It fell from $60 to $0 in one day.
The owner of the Dallas Mavericks basketball team and Shark tank The host said that it was “my mistake” not to do homework on Titan.
Cuban did not disclose the amount he lost in the crash, but told Bloomberg that his investment was “not so large that I felt it necessary to add a point to every I and to cross every T.”
He called for stronger supervision to “define what a stablecoin is.”
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