all about cryptop referances
Mad Money host Jim Cramer has challenged crypto investors to bet against him. “You don’t do this for 42 years and lose money every year,” he said. His statement followed a filing with the US Securities and Exchange Commission (SEC) for the “Inverse Cramer ETF.”
CNBC’s Mad Money show host Jim Cramer challenged cryptocurrency investors to bet against him in a tweet on Friday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.
While discussing Advanced Micro Devices stock (Nasdaq: AMD ), he wrote: “As always, I welcome people who bet against me. I have been doing this for 42 years. Those who know me know that you would have bet against Apple at $5, Google since its inception, Meta at $18, Amazon at $10, Nvidia at $25, and AMD at $5. I welcome all who come.”
Cramer then followed up with another chirping about crypto. Noting that he bought a farm with his bitcoin profits and a boat with ether profits, the Mad Money host went on to challenge crypto investors: “I want you to bet against me. You don’t do this for 42 years and lose money every year.”
Many people have attacked Cramer for making recommendations that resulted in losing trades.
Last year he praised Ark Investment Management chief executive Cathie Wood just before her flagship fund plunged. He also tweeted a buy recommendation for AMC Entertainment Holdings just before the stock plunged 30%. The Mad Money host also said last April: “We like Coinbase at $475.” At the time of writing, Coinbase Global (Nasdaq: COIN) is trading at $67.
Cramer’s tweets followed a prospectus filing with the US Securities and Exchange Commission (SEC) by Tuttle Capital Management for two exchange-traded funds (ETFs) – the Inverse Cramer ETF and the Long Cramer ETF. The filing explains:
The Inverse Cramer ETF (the “Fund”) seeks to provide investment results that are approximately the opposite of, before fees and expenses, the results of the investments recommended by television personality Jim Cramer.
Tuttle Capital Management has also previously launched an ETF play against Cathie Wood’s stock selection.
Cramer became a fan of bitcoin in 2020 after he spoke with crypto investor and entrepreneur Anthony Pompliano, who convinced him to buy some BTC. The Mad Money host then began advising investors to put 5% of their portfolios into bitcoin. Concerns over Chinese bitcoin mining, ransomware attacks and tether (USDT) prompted him to dump his BTC for ether last June.
A few months later, he begged crypto investors to take profits. In October, he said he invested in crypto because “there could be millions of bigger idiots out there.” In June this year, he said bitcoin could fall to $12,000, and in August he recommended avoiding crypto and other speculative investments altogether.
What do you think about the Inverse Cramer ETF and Jim Cramer’s answer? Let us know in the comments section below.
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