Jim Cramer Says He Has Sold Almost All Of His Bitcoin Amid Plunge, 'Don't Need It'

CNBC host Jim Cramer said he has sold nearly all of its holdings in apex cryptocurrency Bitcoin BTC/USD amid the recent plunge in cryptocurrency prices.

What Happened: “Sold almost all of my Bitcoin. Don’t need it,” Cramer said on CNBC’s “Squawk on the Street” on Monday.

Cramer’s sale of Bitcoin holdings comes amid a growing crackdown on cryptocurrencies in China.

Calling the People’s Republic of China “a dictatorship,” Cramer said the crackdown is because the Communist nation sees cryptocurrencies as a direct threat to the regime as it is a system outside their control.

Cramer also expressed concerns about Bitcoin’s role in the recent Colonial Pipeline ransomware payment.

“I am saying that this is not going up because of structural reasons,” the “Mad Money” host said, citing the two headwinds for Bitcoin.

See Also: Why Is Bitcoin Tanking Today?

Why It Matters: Cramer, a long-time proponent of Bitcoin, said in March that he made a “ton of money” in the apex cryptocurrency, thanks to popular Bitcoin proponent Anthony Pompliano.

The television personality disclosed he paid off a mortgage using profits from his investment in Bitcoin, it was reported by CNBC in April.

Price Action: Bitcoin is down almost 0.9% during the last 24 hours, trading at $32,616.79 at press time. The cryptocurrency is down 49.7% from its all-time high of $64,863.10 reached on April 14.

Read Next: Dogecoin Tanks 28% In Massive Crypto Rout, Ethereum Falls Below $2,000 Mark

Photo by André François McKenzie on Unsplash