Jim Cramer, the host of CNBC’s Mad Money show, has become known in Bitcoin circles for his consistently wrong predictions about the asset. Cramer has called on investors to sell their Bitcoin at several points, but as the crypto’s price continues to rise following his calls, this is how much Bitcoin has gained since Cramer last called for a BTC sell-off.
Countertrading Jim Cramer’s advice on Bitcoin
In 2022, when the FTX crypto exchange collapsed and filed for bankruptcy, the Bitcoin price was down more than 50% to trade below $15,000. This crash happened in November 2022 and a few months later there was a slight recovery in the price and Cramer gave one of his infamous ‘Sell Bitcoin Now’ advices.
As shown in a video by Cramer shared by the parody account @CramerTracker on X (formerly Twitter), the Mad Money show host can be seen advising investors to sell their Bitcoin. At the time, the asset’s price had risen about 4% in one week to $24,000 and Cramer believed this was a selling opportunity. According to him, BTC price was manipulated, and selling at the small pump was the best thing that could have happened.
Cramer also claimed that the “price manipulation” made him no longer believe in the asset. “I would sell my Bitcoin immediately during this rally,” Cramer said. “Believe me, I once believed in Bitcoin. Not here. Not now,” the presenter further added.
In true Cramer fashion, he would be proven wrong less than a year later The price of Bitcoin would continue to rise. In fact, buying Bitcoin at the same time Cramer advised investors to sell turned out to be one of the best buying opportunities.
From Cramer’s $24,000 sales call to now, the price has increased 80%. This means that if an investor had bought $100,000 in BTC when Cramer said it would be sold and held until now, he would have a whopping $180,000 in his portfolio, which means a profit of $80,000 in less than a year.
BTC price over 80% higher than Cramer's sell call | Source: BTCUSD on Tradingview.com
The Inverse Cramer Tracker ETF
Cramer’s tendency to be wrong has made him so famous that there is currently a fund dedicated to doing the opposite of what the CNBC host says. The Inverse Cramer Tracker ETF is currently trading at $22.07, after hitting an all-time high of $26. facts of MarketWatch shows.
Currently the ProShares Bitcoin Strategy ETF is the highest position in the fund (5.50%), which currently has approximately $3.1 million in net assets. Other prominent investments include PayPal Holdings Inc., AMC Entertainment Holdings Inc.and Dominion Energy Inc., among others.
Interestingly enough, Kramer changed its position on Bitcoin in November 2023, just months after his first prediction. He has endorsed Bitcoin investments, calling his previous predictions “premature.”
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.