- 1 Jim Crater has reportedly admitted to an error in judgment regarding Bitcoin.
- 2 Earlier, Crater had advised investors to sell all their crypto assets in December 2022.
- 3 Since his bold call, Bitcoin has surged by nearly 118%.
In a surprising turn of events, market commentator Jim Cramer has directly admitted to an error in judgment regarding Bitcoin. He stated that he was premature in advising investors to sell their crypto.
Speaking on a recent segment of his CNBC Mad Money show, Cramer responded to a caller’s inquiry about investing in Bitcoin miner CleanSpark, expressing a revised perspective on Bitcoin.
“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,” Cramer conceded.
This admission comes after Cramer’s bold call on December 5, 2022, when he urged investors to sell all their crypto investments, regardless of the cost, emphasizing that it was “never too late to sell an awful position.”
Ironically, since that call, the price of Bitcoin has experienced a robust rally, surging by 118% and currently trading at $37,390.
Jim Cramer’s predictions, coupled with his fluctuating love-hate relationship with crypto, has become a recurring meme within investment communities. Many have humorously noted his uncanny ability to make incorrect calls at crucial market junctures.
In August 2022, a crypto trader claimed to have doubled the size of their portfolio by trading against Cramer’s recommendations. Commenters on the video highlighting this development emphasized the unpredictable nature of cryptocurrency markets, stating, “Bitcoin tanked right after this, but it’s back up.”
The skepticism surrounding Cramer’s market calls reached a point where, on October 6, an investment fund filed for an “inverse Cramer ETF.” This financial instrument is designed to yield results opposite to the investments recommended by television personality Jim Cramer, underscoring the cautious and even humorous sentiment within investment circles regarding Cramer’s market predictions.
As the saga continues, Jim Cramer’s evolving stance on Bitcoin adds another chapter to his storied relationship with the crypto community. The unpredictability of cryptocurrency markets and the ongoing jokes within investment circles highlight the challenges even seasoned commentators face in navigating the ever-changing digital assets landscape.
Bitcoin’s Return with Over 100% Jump in Less than a Year
Bitcoin price has grown tremendously since last year’s lows. The top cryptocurrency saw a jump of over 100% in trading price within a year. The price surge of BTC confirmed the end of a long crypto winter triggered by several incidents like the fall of the Terra (LUNA) network and other companies fell prey to the ripple effect.
Among the factors that bolstered BTC trading price, the fresh frenzy of spot Bitcoin exchange-traded funds (ETFs) has its role to play. Many traditional finance (TradFi) players have filed for the spot Bitcoin ETFs with the Securities and Exchange Commission (SEC). BlackRock, Invesco, Fidelity Investment, Valkyrie, and several other TradFi entities have joined and heated the discussion around much-awaited ETF offerings.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.