CNBC's Jim Cramer said Monday he's offloaded most of his bitcoin holdings, expressing concerns around the recent crackdown on crypto mining

Cramer says he 'sold almost all' of his bitcoin, fearing China has had it with crypto

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2021-06-21 16:00:11

CNBC's Jim Cramer said Monday he's offloaded most of his bitcoin holdings, expressing concerns around the recent crackdown on crypto mining by the Chinese government and bitcoin's role in some ransomware attacks.

"Sold almost all of my bitcoin. Don't need it," Cramer said on "Squawk on the Street," more than two months after he first indicated he trimmed his position and paid off a home mortgage with those profits.

The price of bitcoin fell more than 6% on Monday to roughly $33,000 per token, around a two-week low. The move lower follows a report in the Chinese Communist Party-backed Global Times newspaper that said more than 90% of the country's mining capacity is shut down after authorities in the province of Sichuan closed "many mines" located there.

China had for years been home to more than half of the world's mining capacity. Miners play a crucial role in the bitcoin ecosystem, using high-powered computers to verify transactions across the decentralized blockchain. In exchange, they are rewarded with bitcoin.