Jim Cramer, the host of the CNBC show Mad Money, revealed that he is preparing to sell his Bitcoin holdings. The revelation comes after a conversation with the IBM CEO Arvind Krishna, where the two discussed quantum computing in depth in an interview on his segment. The discussion sparked a debate about crypto security, and the IBM CEO mentioned that quantum computing could eventually change today’s encryption standards.
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Jim Cramer Convinced That Quantum Computing Can Bring Bitcoin Down
Bitcoin will be at risk if quantum computers dominate the encryption standards, ushering the technology into a new field. Arvind Krishna stressed in the interview with Jim Cramer that investors should be “paranoid” about the risk. The discussion has convinced the Mad Money host that BTC’s days are numbered. The TV personality has been skeptical about the cryptocurrency market for years, but eventually accepted it as the future and is now heading back to his previous belief.
“Arvind Krishna knows quantum incredibly. He knows Bitcoin and quantum. And I’m going to sell mine,” said Jim Cramer. However, he did not specify when he would pull the plug and jump ship on BTC. The TV host has also not revealed how many BTC he owns in his portfolio. He reported that he sold a portion of Bitcoin in 2021 to clear his house mortgage. He revealed that he purchased the crypto again during a downturn.
It is not known if Jim Cramer has already sold Bitcoin after the discussion with Arvind Krishna. While quantum computing cannot destroy Bitcoin entirely, it does represent a serious long-term challenge. It could, however, force BTC to shift into a new math calculation with network upgrades. The industry estimates that it could take around 15 years for quantum computing to emerge as a strong contender. There is still more than a decade left for quantum computing to mature.