CNBC host Jim Cramer said Tuesday that he would be willing to buy bitcoins again at some point, a day after revealing he had sold all of his assets.
“I’d pay it back if I could get it at $10,000, $11,000, $12,000, where I bought a lot [before],” Cramer said at Tuesday’s Squawk Box.
The Mad Money host said Monday that he had sold his bitcoin holding, just two months after admitting bitcoin winnings to pay off his mortgage.
Although Cramer never revealed precisely how much he owned, he said he bought the virtual currency when it was worth $12,000, the point at which bitcoins are traded in 2019.
On Tuesday, bitcoin continued its decline, falling 10% to $29,333. It’s now under the $30,000 key technical point.
If the world’s largest cryptocurrency impressions close well below the point each and every day in a row, it may simply relight in an additional drop to $20,000, returning to its December 2020 point.
Over the weekend, Bitcoin showed a bearish “death cross. “This occurs when the 50-day short-term moving average moves below the 200-day long-term moving average.
The sale can be attributed to many factors, however, several analysts and commentators, adding Cramer, point to China’s hardened stance on cryptocurrencies, adding intensified crackdown on cryptocurrency mining and ordering domestic banks and payment platforms not to supply coins similar to virtual ones.
The series of cyberattacks, which have been a stark reminder of the unregulated nature of cryptocurrencies, has also tarnished the sentiment surrounding Bitcoin.
In April, Colonial Pipeline suffered a ransomware attack. Soon after, JBS, the world’s largest meat supplier, announced that it had been the victim of a similar attack.