CNBC host Jim Cramer has faced backlash after suggesting the Trump administration may buy Bitcoin at $60,000 for a proposed US strategic reserve during a period of sharp market volatility.
The claim was criticised by George Noble, a former aide to famed investor Peter Lynch, who said there was no legal or factual basis for the assertion as Bitcoin prices slid more than 50% from their October peak.
“No source. No evidence. No documentation. Just ‘I heard,’”
Noble wrote on X, calling the remarks “complete nonsense” and pointing to Cramer’s history of inaccurate market calls.
Noble said US Treasury testimony and executive orders make clear the federal government cannot buy Bitcoin with public funds, with current holdings limited to assets seized in criminal cases.
Blockchain data cited by Noble shows government-linked wallets holding about 328,000 BTC have remained unchanged for more than a month, undermining claims of active accumulation.
The criticism came as Bitcoin’s decline erased more than $1.2 trillion in market value, while gold surged to record highs, reinforcing its reputation as a defensive asset during market stress.
The episode highlights growing scrutiny of high-profile crypto commentary and the influence of financial media narratives on investor behaviour during periods of extreme volatility.
At the time of reporting, Bitcoin price was $69,078.50.