Jim Cramer from CNBC suggested that the Trump administration might consider purchasing Bitcoin for a proposed U.S. Strategic Reserve, aiming for an entry point of $60,000 amidst recent fluctuations in the market. This claim was met with strong criticism from George Noble, a former aide to renowned investor Peter Lynch.
Cramer’s comments indicated that the U.S. government would look to acquire Bitcoin at a price of $60,000. However, this assertion faced backlash from Noble, who dismissed it as “complete nonsense” and pointed out Cramer’s track record of making inaccurate predictions regarding market trends.
Noble highlighted that official Treasury statements and blockchain analytics reveal that the government is not legally permitted to purchase Bitcoin using taxpayer money; any current holdings are solely derived from assets seized during criminal investigations and have remained static.
He characterized Cramer’s claims as “utterly ridiculous,” noting they emerged while Bitcoin had plummeted by 52% since its peak in October—resulting in over $1.2 trillion lost in market capitalization. Noble criticized Cramer on X.com for lacking credible sources or evidence to support his assertions: “No source. No evidence. No documentation. Just ‘I heard,’” he remarked while recalling Cramer’s previous misjudgments regarding Bear Stearns and Silicon Valley Bank.
Jim Cramer is a FRAUD.
This guy really just went on CNBC and said the government is buying Bitcoin at $60,000.
Let me tell you why his narrative (and Bitcoin) is COMPLETE NONSENSE:
Friday, Bitcoin crashes to $60,000. Down 52% from its October high. Over $1.2 trillion in value… pic.twitter.com/Z2zGrYgjIx
— George Noble (@gnoble79) February 9, 2026
Noble further asserted that based on Treasury testimony and blockchain data analysis, there exists no legal framework allowing federal purchases of Bitcoin with public funds; an executive order issued in 2025 restricts governmental possession of Bitcoins solely to those acquired through criminal seizures.
The blockchain firm Arkham reported that government wallets containing approximately 328,000 BTC have remained inactive for more than a month without any transactions taking place.
“There’s absolutely no on-chain proof or official endorsement backing these claims,” wrote Noble while encouraging investors to scrutinize media narratives during periods of market turmoil carefully.
He contrasted the performance between gold and bitcoin; despite bitcoin’s significant depreciation by half its value recently,
gold experienced an increase reaching up to $5,020 per ounce—a testament to its stability as a reliable store of wealth.
Noble concluded with wisdom imparted by Lynch: “When someone advises you buy during moments of panic,
inquire about their own holdings.
If they can’t provide proof,
they’re merely showing you how quickly they want out.”
This exchange highlights ongoing concerns regarding commentary surrounding cryptocurrencies
and raises important questions about how influential financial media personalities impact investor decisions amid turbulent markets.
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