CNBC’s Jim Cramer claimed the Trump administration may buy Bitcoin for the proposed U.S. Strategic Reserve, reportedly targeting an entry price of $60,000 amid recent market volatility, a statement criticized by George Noble, a former aide to celebrity investor Peter Lynch.
summary
- Cramer suggested on CNBC that the U.S. government would buy Bitcoin for $60,000.
- The claim prompted a backlash from George Noble, who called it “utter nonsense” and pointed to Kramer’s history of inaccurate market predictions.
- Treasury Department testimony and blockchain data confirm that governments cannot legally purchase Bitcoin with public funds. The only assets currently held are those seized due to crime, and the wallet has not been changed.
Noble described Cramer’s claims as “utter nonsense,” noting that his comments came at a time when Bitcoin has fallen 52% from its October high, wiping out more than $1.2 trillion in market value. “No sources. No evidence. No documentation. Just ‘heard,'” Noble wrote on X.com, criticizing Cramer’s history of inaccurate market predictions, including previous calls to Bear Stearns and Silicon Valley Bank.
Jim Cramer is a fraud.
This guy really just appeared on CNBC and said the government is buying Bitcoin for $60,000.
Let me tell you why his story (and Bitcoin) is complete nonsense.
On Friday, Bitcoin crashed to $60,000. It is down 52% from its October high. Valued at over $1.2 trillion… pic.twitter.com/Z2zGrYgjIx
— George Noble (@gnoble79) February 9, 2026
Citing Treasury Department testimony and blockchain analysis, Noble emphasized that the federal government does not have the legal authority to purchase Bitcoin with public funds. Under the 2025 Executive Order, government Bitcoin holdings are limited to assets obtained through criminal seizures, and blockchain company Arkham has reported that government wallets holding 328,000 Bitcoin have been abandoned for more than a month.
“Zero on-chain evidence. Zero official confirmation. Zero legal authority,” Noble wrote, urging investors to question the motives behind media narratives at a time of market panic. He contrasted Bitcoin’s performance with gold, noting that while Bitcoin has lost half its value, gold has soared to $5,020 per ounce, underscoring its role as a stable store of value.
Mr. Noble concluded with a lesson from Lynch. “If someone tells you to buy in a panic, ask what they own. Not showing them the receipt is the same as showing them the exit.”
The exchange highlights its continued oversight of crypto commentary and questions the influence of prominent financial media figures on investor behavior in volatile markets.
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