CNBC’s Jim Cramer claimed the Trump administration could purchase Bitcoin for the proposed U.S. Strategic Reserve, reportedly focusing on an entry worth of $60,000 amid current market volatility, an announcement criticized by George Noble, a former aide to celeb investor Peter Lynch.
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- Cramer prompt on CNBC that the U.S. authorities would purchase Bitcoin for $60,000.
- The declare prompted a backlash from George Noble, who known as it “utter nonsense” and pointed to Kramer’s historical past of inaccurate market predictions.
- Treasury Division testimony and blockchain knowledge verify that governments can’t legally buy Bitcoin with public funds. The one property at the moment held are these seized as a consequence of crime, and the pockets has not been modified.
Noble described Cramer’s claims as “utter nonsense,” noting that his feedback got here at a time when Bitcoin has fallen 52% from its October excessive, wiping out greater than $1.2 trillion in market worth. “No sources. No proof. No documentation. Simply ‘heard,'” Noble wrote on X.com, criticizing Cramer’s historical past of inaccurate market predictions, together with earlier calls to Bear Stearns and Silicon Valley Financial institution.
Jim Cramer is a fraud.
This man actually simply appeared on CNBC and mentioned the federal government is shopping for Bitcoin for $60,000.
Let me let you know why his story (and Bitcoin) is full nonsense.
On Friday, Bitcoin crashed to $60,000. It’s down 52% from its October excessive. Valued at over $1.2 trillion… pic.twitter.com/Z2zGrYgjIx
— George Noble (@gnoble79) February 9, 2026
Citing Treasury Division testimony and blockchain evaluation, Noble emphasised that the federal authorities doesn’t have the authorized authority to buy Bitcoin with public funds. Below the 2025 Government Order, authorities Bitcoin holdings are restricted to property obtained by means of legal seizures, and blockchain firm Arkham has reported that authorities wallets holding 328,000 Bitcoin have been deserted for greater than a month.
“Zero on-chain proof. Zero official affirmation. Zero authorized authority,” Noble wrote, urging buyers to query the motives behind media narratives at a time of market panic. He contrasted Bitcoin’s efficiency with gold, noting that whereas Bitcoin has misplaced half its worth, gold has soared to $5,020 per ounce, underscoring its position as a secure retailer of worth.
Mr. Noble concluded with a lesson from Lynch. “If somebody tells you to purchase in a panic, ask what they personal. Not exhibiting them the receipt is similar as exhibiting them the exit.”
The alternate highlights its continued oversight of crypto commentary and questions the affect of distinguished monetary media figures on investor habits in risky markets.
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