Cramer Sells Bitcoin over Quantum Fears as Whale Wallets Follow
Jim Cramer, host of CNBC's 'Mad Money', plans to sell his Bitcoin due to concerns over quantum computing. He made this announcement on a recent episode of his show, citing comments from IBM Chairman Arvind Krishna that he should be 'paranoid' about the threat posed by quantum computing to cryptocurrencies in the next three to four years.
Bitcoin's price was up 1.7% on Tuesday, trading above $63,500, but is still down 27% year-to-date, according to TradingView data. Some crypto investors are celebrating Cramer's decision, referencing the popular 'inverse Cramer' meme and investment philosophy that seeks to capitalize on the opposite of his calls.
Large investors, known as whale wallets, are also selling their Bitcoin holdings as market liquidity dries up. The transfer of 16,400 Bitcoin, worth around $1 billion, from one wallet address to another occurred shortly after daily trading activity fell to a low of $15 billion last week.