“I made a lot of money,” said Cramer, who cleared a profit on Bitcoin despite urging investors to sell the cryptocurrency.
Markets commentator Jim Cramer has indirectly acknowledged his error regarding Bitcoin, conceding that he was too hasty in advising investors to sell the cryptocurrency.
In a Nov. 22 segment of his CNBC Mad Money show, he responded to a caller who inquired about buying shares in 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 I decided that money had been made, but I was premature.”
Cramer added that despite not having made perfect calls on Bitcoin previously, he’d still “made a lot of money” from his investment in it.
On December 5, 2022, when Bitcoin was priced at $17,150, Jim Cramer advised investors to liquidate all their cryptocurrency holdings, asserting that it was “never too late to sell an awful position.” Since then, Bitcoin has experienced a remarkable 118% surge, presently being traded at $37,390.
Jim Cramer’s market prediction
Jim Cramer’s predictions, coupled with Jim Cramer’s fluctuating stance on cryptocurrency, have evolved into a widely recognized meme within investment communities over the past few years. Many have highlighted his seemingly inconsistent track record and ability to make inaccurate calls during crucial moments.
In August 2022, a crypto trader claimed to have doubled the size of their portfolio by simply taking positions opposite to Cramer’s recommendations. Subsequently, in October of the same year, an investment fund initiated the filing process for an “inverse Cramer ETF.” This financial instrument is crafted to generate results that are roughly opposite to the outcomes of investments endorsed by television personality Cramer, accounting for fees and expenses. This move reflects a response to the perceived unpredictability of his advice in the market.
Finally happened: Cramer ETFs
Inverse Cramer ETF $SJIM
Long Cramer ETF $LJIM
Eff Dec 1920-25 equal-weighted stocks/ETFs based on Cramer’s Twitter & TV recommendations and market views. Positions exited if Cramer has no view & once profit targets met.https://t.co/ZvA5G2zoTX pic.twitter.com/tY9yBMt15s
— ETF Hearsay by Henry Jim (@ETFhearsay) October 5, 2022