Market commentator Jim Cramer has quietly admitted he was wrong about Bitcoin (BTC), saying he was premature when he urged investors to sell the cryptocurrency.
In a Nov. 22 segment on his CNBC show “Mad Money,” Cramer responded to a caller inquiring about buying shares of Bitcoin miner CleanSpark, saying that anyone who likes Bitcoin should increase their exposure to it.
“Look, if you like Bitcoin, buy Bitcoin. That has always been my view. And for a while I liked it and decided there was money to be made in it, but I was too early.”
Cramer added that despite not making perfect decisions on Bitcoin before, he still “made a lot of money” from his investment in Bitcoin.
On December 5, 2022 – when Bitcoin was trading at $17,150 – Cramer urged investors to sell all their crypto investments at any price, saying it is “never too late to sell a terrible position.” Since then, the price of Bitcoin has increased by 118%, with BTC currently changing hands for $37,390.
Cramers’ predictions and his recurring love-hate relationship with cryptocurrencies have become a popular meme in the investment community in recent years, with many pointing to his uncanny ability to make bad decisions at crucial moments.
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In August 2022, a crypto trader claimed that he had doubled the size of his portfolio simply by trading in the opposite direction to Cramer’s recommendation.
Two months later, on October 6, a mutual fund applied for an “inverse Cramer ETF” – a financial instrument designed to produce results on trades “that, before fees and expenses, are approximately the opposite of the results of the investments recommended by.” correspond to television personality Jim Cramer.”
Finally the time has come: Cramer ETFs
Inverse Cramer ETF $SJIM
Long Cramer ETF $LJIM
Valid from December 19th
20-25 equally weighted stocks/ETFs based on Cramer’s Twitter and TV recommendations and market views. Positions will be closed if Cramer has no opinion and once profit targets are reached.https://t.co/ZvA5G2zoTX pic.twitter.com/tY9yBMt15s
— ETF Hearsay by Henry Jim (@ETFhearsay) October 5, 2022
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