Cramer Dumps Bitcoin Over Quantum Computing Fears

CNBC host Jim Cramer announced on air that he's selling his Bitcoin due to fears of quantum computing breaking cryptography. During an interview with IBM CEO Arvind Krishna, Cramer asked whether quantum computers could crack the encryption protecting his coins. Krishna replied, 'I think that you should give yourself three or four years,' adding that at that point, he would get 'rather paranoid' about it.

Cramer didn't wait and decided to sell his Bitcoin, stating, 'Arvind Krishna knows quantum incredibly. He knows Bitcoin and quantum. And I'm going to sell mine.' He also mentioned that Ethereum might be 'even worse.'

Bitcoin rose 1.6% the day Cramer announced his decision, with crypto traders jokingly calling it an example of the 'inverse Cramer' trade.

Cramer has a history of selling at the bottom, having dumped all his crypto in December 2022 when Bitcoin was near $16,800. It then gained over 400% in value over the next three years.