Bitcoin surpasses $79,000 as Jim Cramer reverses bearish stance

Jim Cramer announced selling all his Bitcoin holdings in early August citing quantum computing risks after a late July interview with IBM CEO Arvind Krishna. The cryptocurrency gained nearly 9% in 24 hours to above $79,000.

BTC

19h ago

Fact Check

Multiple independent secondary sources (BeInCrypto, CoinNess, Bitcoinworld) and near-real-time X posts directly quoting Cramer ('Just go buy Bitcoin. Don't buy the derivatives' in response to a Bitmine/BMNR question) confirm both elements of the claim: he advised buying Bitcoin directly rather than via Bitmine, and this followed his earlier statement that he sold/would sell his own holdings over quantum-computing fears tied to IBM CEO Arvind Krishna's warning. The only caveat, noted by BeInCrypto itself, is that no wallet, filing, or exchange record confirms Cramer actually completed the sale — but the headline claim accurately reflects what Cramer publicly said, which is well documented.

Summary

Jim Cramer announced he sold all his Bitcoin holdings in early August after a late July interview with IBM CEO Arvind Krishna, who warned that quantum computers could compromise Bitcoin's encryption in three to four years. No independent verification of the sale exists. Bitcoin's price climbed from roughly $64,000 to above $74,000 by August 21 before surpassing $79,000, exemplifying the Inverse Cramer effect where markets often move opposite Cramer’s calls. On the same day Cramer told a viewer to buy Bitcoin directly. The National Institute of Standards and Technology is developing post-quantum standards, but experts widely view the quantum threat as years away given current hardware limitations.

Terms & Concepts

Inverse Cramer: A trading pattern where markets tend to move in the opposite direction of advice from Jim Cramer.
quantum computing: Emerging technology that could theoretically break current cryptographic systems like those used in Bitcoin.