Jim Cramer, host of CNBC's 'Mad Money,' said this week he plans to sell all of his bitcoin holdings, citing concerns that advances in quantum computing could undermine cryptocurrency security within three to four years. The comment followed his July 31 interview with IBM CEO Arvind Krishna, who warned that quantum computers could challenge modern cryptography in that timeframe.
Crypto traders have largely cheered Cramer's planned exit, treating it as a bullish signal given his track record of high-profile misses. The 'inverse Cramer' trade, which bets against his recommendations, became a meme and even spawned an ETF in 2023, though that fund shut down in early 2024.
Bitcoin has held near $64,000 despite Cramer's warning, a hardware wallet hack at Coldcard, rising bond yields, and sales by major corporate holder Strategy. The token's resilience has reinforced the community's view that Cramer's bearish calls often precede rallies.
Cramer's history includes calling bitcoin 'monopoly money' in 2017, selling most of his holdings in 2021, and warning of a 'nasty' selloff in 2024 that never materialized. His most damaging recent miss was calling Silicon Valley Bank undervalued in February 2023, weeks before its collapse.
Neither the size of Cramer's bitcoin stash nor any wallet tied to him has been disclosed, so there is no way to independently verify whether he actually holds BTC or has started selling. For now, the market has shown no sign of taking his quantum warning seriously.
Source: coindesk.com
