Financial pundit Jim Cramer has indirectly conceded his misjudgment of Bitcoin, acknowledging that he prematurely advised investors to divest from the cryptocurrency.
Speaking on his CNBC Mad Money show on November 22, Cramer responded to a viewer’s question about investing in Bitcoin miner CleanSpark, suggesting that those who have a favorable view of Bitcoin should consider increasing their exposure to it.
Cramer admitted, “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.”
Despite not always making accurate predictions about Bitcoin, Cramer asserted that he has still profited substantially from his investments in the cryptocurrency.
Back on December 5, 2022, when Bitcoin was priced at $17,150, Cramer advised investors to liquidate their crypto holdings regardless of the consequences, stating that it was “never too late to sell an awful position.” Since then, Bitcoin has surged by 118%, currently trading at $37,390.
Cramer’s fluctuating sentiments towards crypto, coupled with his inconsistent track record, have turned into a recurring meme within investment communities. His ability to make inaccurate calls at pivotal moments has been widely noted. In August 2022, a crypto trader purportedly doubled their portfolio size by contrarily trading to Cramer’s recommendations.
Subsequently, on October 6, an investment fund sought approval for an “inverse Cramer ETF,” designed to yield results opposite to Cramer’s investment suggestions, before fees and expenses are applied.