Jim Cramer indirectly admitted that he was wrong about Bitcoin (BTC).
Jim Cramer is a popular American television personality, author, entertainer, and former hedge fund manager. In the present time, he is the host of Mad Money on CNBC and an anchor on Squawk on the Street. Over the past several years, he passed negative comments against Bitcoin & suggested Bitcoin Investors sell their holdings to remain away from big losses.
On 22 Nov 2023, During the CNBC Mad Money show, in a response call Jim Cramer said that the caller should increase his exposure to Bitcoin.
That caller asked whether he should buy shares in Bitcoin miner CleanSpark. In response, Cramer said that if any person likes Bitcoin then he should increase his investment exposure in Bitcoin.
Cramer also said that he made money with bitcoin investment but at the time he was premature.
“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.”
According to CNBC show host, his past calls for Bitcoin were not good but still, he made lots of money with an investment in Bitcoin.
People noted that in Dec of last year, when Bitcoin trade price was fluctuating around $17k, Cramer suggested people sell their Bitcoin holdings to avoid more loss because of the price dump. From that time, the trade price of Bitcoin surged nearly 118%.
The majority of the times, Cramer only passed negative comments against the crypto sector and also faced huge criticism for negative Bitcoin calls. People made fun of him for his bad Bitcoin calls.
In Aug of last year, an investor said that he traded opposite to Cramer’s investment calls and successfully turned his portfolio size double.
Following this information, an investment fund filed an “inverse Cramer ETF” — a financial instrument designed to return results on trades “that are approximately the opposite of Cramer ETF”
Such types of crypto-hate-love activities show that people need to understand the situation to follow a unique path to make money in short term.