Jim Cramer says he sold nearly all his bitcoin and that the cryptocurrency isn’t going back up because of structural reasons including regulation and cyberattacks

Jim Cramer says he sold nearly all his bitcoin and that the cryptocurrency isn’t going back up because of structural reasons including regulation and cyberattacks

CNBC host Jim Cramer on Monday said he sold nearly all his bitcoin holdings amid various concerns surrounding the cryptocurrency. "Sold almost all of my bitcoin," Cramer said during Monday's Squawk on the Street. "Don't need it. The comment came two months after Cramer revealed he used . While Cramer did not reveal exactly how much he owned, he said that he bought the digital currency when it was worth $12,000, the level bitcoin was trading at in 2019. Bitcoin has fallen roughly 50% from its all-time high of in April. "I'm saying that this is not going up because of structural reasons," Cramer said, referring to bitcoin's value. The Mad Money host pointed to China's toughening stance towards cryptocurrencies, from to . "When the [People's Republic of China] goes after something, they tend to have their way," he said. "It's not a democracy. It's a dictatorship." He continued: "I think that they believe it's a direct threat to the regime because what it is, is a system that's outside their control." Cramer also blamed a string of recent cyberattacks, which have been a stark reminder of the unregulated nature of bitcoin and other cryptocurrencies. "In our country, I think