CNBC’s famous host Jim Cramer announced he would sell all of his Bitcoin holdings due to concerns that quantum computers could compromise Bitcoin’s security.
Cramer stated that he made this decision after an interview he had with IBM CEO Arvind Krishna on the Mad Money program the night before. Krishna had said that quantum computers could affect cryptocurrency encryption systems within 3-4 years and that investors should be “paranoid” about it.
The announcement quickly spread within the crypto community. Many investors and commentators revived the “inverse Cramer” joke, recalling that Cramer’s past sell calls often coincided with market lows. Following the announcement, Bitcoin traded around $63,700, up approximately 1 percent in the last 24 hours.
The potential of quantum computers to break Bitcoin’s elliptic curve cryptography has long been debated. However, experts say that such a threat has not yet materialized in practice and that Bitcoin may transition to quantum-resistant algorithms.
*This is not investment advice.
