Jim Cramer Admits Being Wrong About Bitcoin
Markets commentator Jim Cramer has acknowledged his previous mistake in calling for investors to sell Bitcoin. During a segment of his CNBC show, Cramer responded to a caller asking about buying shares in Bitcoin miner CleanSpark, stating that those who like Bitcoin should increase their exposure to it. He admitted that he was premature in advising people to sell the cryptocurrency and mentioned that despite his imperfect calls on Bitcoin in the past, he had still made significant profits from his investment.
Controversial Calls and Memes
Cramer’s predictions and his fluctuating relationship with crypto have become popular memes within investing communities. Traders have even claimed to have doubled the size of their portfolios by trading against Cramer’s recommendations. In response to this, an investment fund filed for an “inverse Cramer ETF” designed to generate results opposite to Cramer’s recommendations.
Crypto Market Performance
In December 2022, when Bitcoin was trading at $17,150, Cramer advised investors to sell all their crypto investments. Since then, the price of Bitcoin has rallied 118%, currently trading at $37,390.
Hot Take: Jim Cramer Acknowledges Mistake and Embraces Bitcoin
Jim Cramer, the well-known markets commentator, has admitted that he was wrong about Bitcoin. He previously advised investors to sell the cryptocurrency but now says that if you like Bitcoin, you should buy it. Despite his imperfect calls on Bitcoin in the past, Cramer claims to have made a lot of money from his investment. His controversial predictions and love-hate relationship with crypto have become popular memes among investing communities. Traders have even profited by trading against his recommendations. The price of Bitcoin has surged since Cramer’s sell call, further highlighting his misjudgment. It seems that Cramer is now embracing Bitcoin and recognizing its potential for profit.
By
By
By
By