Jim Crammer made his career and wealth as a Wall Street hedge fund manager. He is currently working as a TV host for the CNBC show Mad Money. Over time, it can be said that his advice has proven to be solid for Bitcoin markets considering his massive experience in the field. Therefore, many followers listen to the advice of the uncomfortably loud host, an investing advisor.
He was invited for a dialogue on Squawk Street on another CNBC media telecast. During the show, he exclaimed that it is high time to sell out the Bitcoin holdings. He also presented the users with the background information for dealing with these digital assets. According to him, the biggest reason for Bitcoin to go down and keep on this track is the crackdown on crypto mining in China. It would be impossible for the beacon coin to get back on its feet from the reducing hashrates.
Jim Crammer Claims that He has Sold out most of his Bitcoin Holdings
Crammer shared more points that would impact the further price depreciation of the beacon coin. On the other hand, he told the media that he sold most of his Bitcoin holdings. According to him, there are structural reasons for Bitcoin to keep moving towards the bottom. He further added that he bought his Bitcoin at an average price of $20K.
When he sold his stash, he was able to make a hefty profit from his holdings. However, others might have Bitcoin more recently, and it would be a good idea for them to hold one tight otherwise, they would have to suffer from losses. Crammer also provided two more reasons for further Bitcoin drops. He said that the integrity of the Tether coin is under attack. Meanwhile, the notion that Bitcoin has become the favorite monetary ransom for threat actors would hurt the flagship cryptocurrency.
Jim Crammer is Waiting for Bitcoin to Go as Down as $10K Price Point
The next prediction for the beacon coin is not very optimistic. According to him, he took a gamble on the flagship cryptocurrency to pay for his mortgage. The gamble paid off. He also advised other investors to make the right choice for taking a profit from the crypto markets. He claimed that it is the personal choice and decision of anyone investor to find out that what price they would buy and what price they would sell for.
He is also hoping for the flagship cryptocurrency to fall to the $10K level eventually. At present, Bitcoin is resting at the $34K level and trying to get into another bull rally over the weekend. However, Crammer claimed that China is going to keep moving forward with its crypto ban, and the hashrates would keep falling. He also claimed that he would buy it once again when the beacon coin would depreciate to the fullest.