- Jim Cramer admits on his CNBC Mad Money show that his call for investors to sell Bitcoin in late 2022 was premature.
- Cramer’s controversial call on December 5, 2022, advised investors to sell all crypto investments when Bitcoin was at $17,150.
- Despite Cramer’s sell recommendation, Bitcoin has since rallied 118%, and is now trading at $37,390.
American TV personality Jim Cramer has publicly admitted to being premature in his call for investors to sell Bitcoin at the depths of the 2022 bear market. On a recent episode of his CNBC Mad Money show, Cramer responded to a caller’s inquiry about investing in Bitcoin miner CleanSpark.
Cramer remarked, acknowledging the unpredictability of the cryptocurrency market.
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.
This admission comes almost a year after Cramer urged investors on December 5, 2022 to sell all their crypto investments. Bitcoin was trading at $17,150 at the time, not far from the bear market bottom.
Cramer, known for his on-again, off-again relationship with cryptocurrencies, confidently declared, “It’s never too late to sell an awful position.” However, Bitcoin has since defied his forecast, rallying an impressive 118% and currently changing hands at $37,390.
Cramer’s Bitcoin predictions have become fodder for memes within investment communities, with market participants highlighting his track record of making incorrect calls at critical junctures.
In August 2022, a crypto trader claimed to have doubled their portfolio size by simply trading against Cramer’s recommendations, underscoring his questionable track record.
The skepticism surrounding Cramer’s insights reached a new height on October 6 when an investment fund filed for an “inverse Cramer ETF.”
Despite the acknowledgement of his imperfect calls, Cramer mentioned that he had “made a lot of money” from his Bitcoin investment.
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