Jim Cramer Admits He Was Wrong About Bitcoin – ‘I Was Premature’
Market analyst Jim Cramer tacitly admits he was wrong about Bitcoin (BTC), calling investors to sell the cryptocurrency prematurely.
In the year On a Nov. 22 episode of his CNBC Mad Money show, Cramer responded to a caller who asked about buying shares in Bitcoin miner CleanSpark, saying that anyone interested in bitcoin should increase their exposure to it.
“Look, if you like bitcoin, buy bitcoin. This has always been my view. And I liked it for a while, and I decided that money was made, but I was premature.
Cramer added that while he hasn't made perfect calls on Bitcoin in the past, he still “made a lot of money” investing in it.
On December 5, 2022 — when bitcoin was trading at $17,150 — Cramer said it's “never too late to sell a scary position” and urged investors to sell all crypto investments, no matter the cost. Since then, the price of Bitcoin has increased by 118%, BTC is currently changing hands at $37,390.
Cramers' speculation, along with his on-again-off-again love-hate relationship with crypto, has become a popular meme throughout the investing community in the past few years, with many pointing out his uncanny ability to make wrong calls at key moments.
Related: Bitcoin To $1M Post-ETF Approval? BTC price predictions vary greatly
In the year In August 2022, a crypto trader claimed that Cramer doubled the size of his portfolio by trading in the opposite direction.
Two months later, on October 6, the investment fund filed for an “inverse Cramer ETF” – a financial instrument designed to return results to businesses roughly opposite to recommended investment results before fees and expenses. Television personality Jim Cramer.
It finally happened: Cramer ETFs
Inverse Cramer ETF $SJIMLong Cramer ETF $LJIMEff Dec 19
20-25 equally-weighted stocks/ETFs based on Cramer's Twitter and TV recommendations and market views. Cramer has no vision and once profit targets are found positions will be withdrawn. pic.twitter.com/tY9yBMt15s
— ETF Hearsay by Henry Jim (@ETFhearsay) October 5, 2022
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