Noted market analyst, Jim Cramer, has admitted that his earlier suggestions to offload Bitcoin were ill-timed, despite realizing profits from the cryptocurrency.
What Happened: According to a report by Cointelegraph, Cramer acknowledged his misjudgment during a segment of his CNBC show, Mad Money, on November 22. Responding to an audience query about investing in Bitcoin miner, CleanSpark, he recommended increasing Bitcoin exposure.
Previously, Cramer had urged investors to shed their Bitcoin assets on December 5, 2022, when the digital currency was priced at $17,150, terming it as a “dreadful position”. However, Bitcoin’s value has since escalated by 118%, and is presently valued at $37,390.
Cramer’s inconsistent crypto outlook and his habit of making inaccurate predictions at key moments have turned into a running joke among investing circles. Intriguingly, a few traders have reportedly managed to double their portfolio size by trading counter to Cramer’s advice.
In a noteworthy move, an investment fund filed for an “inverse Cramer ETF” in October 2022, a financial instrument engineered to deliver results contrary to Cramer’s suggested investments.