Cramer Dumps Most of His Bitcoin Holdings Amid Regulatory Fears

CNBC host Jim Cramer has made a significant change to his investment portfolio, revealing that he has sold 'almost all' of his Bitcoin holdings.

In an interview, Cramer stated that he no longer needs or wants Bitcoin due to several concerning developments in the space.

The China regulatory crackdown on cryptocurrencies is one reason Cramer cited for his decision. He believes Beijing sees Bitcoin as a direct threat to its regime and this will lead to further regulations in the future.

Cramer also mentioned the recent ransomware attack involving Colonial Pipeline, which paid $5 million in Bitcoin to hackers. The FBI later recovered $2.3 million of it, but Cramer thinks authorities may start clamping down on companies that pay ransoms, as it emboldens cybercriminals.

Cramer initially bought into Bitcoin when it was priced at $12,000 and sold half of his investment two months ago, using the proceeds to pay off a mortgage. Since then, prices have fallen by more than 50% to below $30,000.