Jim Cramer Admits Misjudgment on Bitcoin; Inverse Cramer ETF Filed amidst Growing Crypto Addiction
Summary:
Jim Cramer, a well-known markets commentator, has admitted his error in prematurely advising investors to sell Bitcoin (BTC). Despite his past misjudgments about the cryptocurrency, he mentioned that he profited from his investments. Cramer has often encouraged buyers to liquidate all crypto investments when the market seems unfavorable. However, his variable relationship with crypto and repeated inaccurate predictions often serve as humor in investment circles. One such instance was when a trader claimed to have doubled his portfolio by going against Cramer's advice. An investment fund even filed for an “inverse Cramer ETF” that intended to yield results contrary to Cramer's suggestions. The segment also highlights the growing issue of substance addiction among crypto traders.
Prominent market analyst, Jim Cramer, has subtly confessed his misjudgment about Bitcoin (BTC), revealing his hasty decision to advise investors to divest from the cryptocurrency. On the CNBC Mad Money show aired on Nov. 22, Cramer addressed a query from a viewer interested in purchasing shares in Bitcoin mining company, CleanSpark. He advised those bullish on Bitcoin to increase their holdings. “If you appreciate Bitcoin, you should invest more in it. This has always been my standpoint. I once supported it, considered profits had been realised, but my decision was premature," he shared. Despite his past imperfect predictions concerning Bitcoin, he maintains he has profited significantly from investing in it. When Bitcoin was valued at $17,150 on Dec. 5, 2022, Cramer encouraged investors to liquidate all their crypto investments regardless of losses, claiming it was “never too late to divest from a terrible position.” However, Bitcoin's value has briskly soared 118% since then, currently trading at $37,390. Over the years, Cramer’s fluctuating relationship with crypto and his predictions have become a hot topic and meme material within investment circles, as he's often noted for making wrong predictions at crucial times. In August 2022, a crypto trader asserted doubling his portfolio size by trading contrary to Cramer’s suggestions. A couple of months later, an investment fund lodged a filing for an “inverse Cramer ETF” on Oct. 6, a financial tool intended to yield results diametrically opposite to the investment outcomes recommended by the well-known TV personality, Jim Cramer. The proposed ETF would be centered on Cramer’s Twitter and TV recommendations and market views. If he lacks any view or profits targets are met, positions would be relinquished.
A magazine further highlighted increased substance addiction among crypto traders in the segment, "Your brain on crypto.
Published At
11/24/2023 3:33:54 AM
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