Markets commentator Jim Cramer has tacitly admitted he was wrong about Bitcoin (BTC), saying he was premature in calling for investors to sell the cryptocurrency.
In a Nov. 22 segment of his CNBC Mad Money show, Cramer 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 Dec. 5, 2022 — when Bitcoin was trading for $17,150 — Cramer urged investors to sell all their crypto investments no matter the cost, saying it was “never too late to sell an awful position.” The price of Bitcoin has rallied 118% since, with BTC currently changing hands for $37,390.
Cramers’ predictions, along with his on-again-off-again love-hate relationship with crypto, have become a popular meme throughout investing communities over the past few years, with many pointing out his uncanny ability to make incorrect calls at key moments.
In August 2022, a crypto trader claimed to have doubled the size of his portfolio simply by trading in the opposite direction to what Cramer recommended.
Two months later, on Oct. 6, an investment fund filed for an “inverse Cramer ETF” — a financial instrument designed to return results on trades “that are approximately the opposite of, before fees and expenses, the results of the investments recommended by television personality Jim Cramer.”
Finally happened: Cramer ETFs
20-25 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