CNBC personality Jim Cramer sparked a fresh controversy by suggesting that the Trump administration might buy Bitcoin for a proposed U.S. Strategic Reserve, targeting an entry price of $60,000. The claim was immediately shot down by George Noble, a former aide to famed investor Peter Lynch, who labeled it "complete nonsense."
Noble: No Source, No Evidence, No Documentation
Noble took to X.com to attack Cramer's assertion, noting it came at a time when Bitcoin had fallen 52% from its October high, wiping out over $1.2 trillion in market value. "Zero source. Zero evidence. Zero documentation. Just 'I heard,'" Noble wrote, pointing to Cramer's history of inaccurate predictions including calls on Bear Stearns and Silicon Valley Bank.
Key data points:According to Noble, Treasury testimony and blockchain analytics confirm the federal government has no legal authority to buy Bitcoin with public funds. A 2025 executive order limits government-held Bitcoin to assets obtained from criminal seizures. Blockchain data from Arkham shows government wallets holding 328,000 BTC have remained untouched for over a month.
On-Chain Zero, Official Zero, Legal Zero
"Zero on-chain evidence. Zero official confirmation. Zero legal authority," Noble stated. He urged investors to question the motives behind media narratives during market panic. Contrasting Bitcoin's performance, Noble noted that gold surged to $5,020 an ounce while Bitcoin lost half its value, reinforcing gold's status as a reliable store of value.
Noble closed with a lesson from Lynch: "When someone tells you to buy during a panic, ask what they own. If they can't show you receipts, they're showing you the exit."
The exchange underscores ongoing scrutiny over cryptocurrency commentary and raises questions about the influence of high-profile financial figures on investor behavior during volatile markets.