Financial analyst Jim Cramer has implicitly acknowledged his misjudgment regarding Bitcoin (BTC), acknowledging that his earlier call for investors to sell the cryptocurrency was premature. During a segment of his CNBC Mad Money show on November 22, Cramer responded to a caller inquiring about purchasing shares in Bitcoin miner CleanSpark, expressing that individuals who have a favorable view of Bitcoin should consider increasing their exposure to it.
On December 5, 2022, when Bitcoin was valued at $17,150, Cramer strongly advised investors to liquidate all their crypto holdings regardless of the associated costs, asserting that it was “never too late to sell an awful position.” Since then, Bitcoin has experienced a significant surge of 118%, currently trading at $37,390.
Cramer’s predictions, coupled with his fluctuating relationship with crypto, have become a recurring meme within investment communities. Many have highlighted his knack for making inaccurate calls at crucial junctures. In August 2022, a crypto trader claimed to have doubled the size of their portfolio by simply trading in the opposite direction of Cramer’s recommendations.
Two months later, on October 6, an investment fund submitted an application for an “inverse Cramer ETF” — a financial instrument designed to yield results on trades that are essentially the opposite of the investments recommended by television personality Jim Cramer, before factoring in fees and expenses.