Jim Cramer faces backlash over Bitcoin claims as market spins downward

CNBC’s Jim Cramer claimed the Trump administration may buy Bitcoin for a proposed U.S. Strategic Reserve, reportedly targeting a $60,000 entry price amid recent market volatility — a statement denounced by George Noble, former aide to famed investor Peter Lynch.

Noble described Cramer’s assertion as “complete nonsense,” highlighting that the remarks came at a time when Bitcoin had fallen 52% from its October high, wiping out over $1.2 trillion in market value. “No source. No evidence. No documentation. Just ‘I heard,’” Noble wrote on X.com, criticizing Cramer’s history of inaccurate market predictions, including his prior calls on Bear Stearns and Silicon Valley Bank.

Citing Treasury testimony and blockchain analytics, Noble emphasized that the federal government has no legal authority to buy Bitcoin with public funds. A 2025 executive order limits government-held Bitcoin to assets obtained from criminal seizures, and blockchain firm Arkham reports government wallets holding 328,000 BTC have remained untouched for over a month.

“Zero on-chain evidence. Zero official confirmation. Zero legal authority,” Noble wrote, urging investors to question motives behind media narratives during market panic. He contrasted Bitcoin’s performance with gold, noting that while Bitcoin lost half its value, gold surged to $5,020 an ounce, highlighting its role as a stable store of value.

Noble concluded with a lesson from Lynch: “When someone tells you to buy during a panic, ask what they own. If they can’t show you receipts, they’re showing you the exit.”

The exchange underscores ongoing scrutiny over cryptocurrency commentary and raises questions about the influence of high-profile financial media figures on investor behavior during volatile markets.