Jim Cramer Criticized After Claim That U.S. Will Buy Bitcoin at $60,000
CNBC host Jim Cramer suggested the U.S. government may buy Bitcoin at around $60,000 for a proposed strategic reserve, comments that drew sharp public criticism. George Noble, a former aide to investor Peter Lynch, called the claim “complete nonsense,” citing Treasury testimony, a 2025 executive order limiting government-held Bitcoin to criminal seizures, and blockchain analytics showing government wallets holding seized BTC remain untouched. Noble highlighted there is “no source, no evidence, no documentation” to support Cramer’s assertion and reminded investors of Cramer’s prior inaccurate market calls. The remarks came as Bitcoin fell about 52% from its October high, wiping out roughly $1.2 trillion in market value; Noble contrasted Bitcoin’s drop with gains in gold. The exchange revived debate over the influence of high-profile financial media on crypto markets and urged traders to verify on-chain data and legal constraints before trading on such claims.
Bearish
The immediate market implication is bearish. The story centers on a disputed claim by a high-profile TV host that the U.S. government will buy Bitcoin at $60,000 — a narrative lacking legal or on-chain support. Such unverified statements during an already sharp sell-off (Bitcoin down ~52% from October highs) increase panic, amplify volatility, and can trigger short-term selling as traders de-risk or fade perceived manipulation. Historical parallels: media-driven rumors and influential personalities have previously exacerbated crypto moves (e.g., speculative headlines around regulatory action or rumored large buys/sells). In the short term, expect elevated volume, wider spreads, and potential capitulation among leveraged longs. In the medium-to-long term, the fundamental legality (2025 executive order restricting government BTC to seized assets) and unchanged government wallets should neutralize the claim’s influence once traders verify on-chain data; market stability should gradually return unless new credible evidence emerges. Overall, the episode underscores susceptibility to narrative-driven flows — traders should prioritize on-chain verification and regulatory context before taking directional positions.