Here’s How Much You Would Have If You Bought Bitcoin When Jim Cramer Said Sell
December 12 2023 - 5:00PM
NEWSBTC
Jim Cramer, the host of CNBC’s Mad Money show, has come to be known
in Bitcoin circles for his constantly wrong predictions about the
asset. Cramer has, at various points, called for investors to sell
their Bitcoin but with the crypto’s price continuing to go up after
his calls, here’s how much Bitcoin has gained since Cramer last
called for a BTC sell-off. Counter-Trading Jim Cramer’s Advice On
Bitcoin Back in 2022 when the FTX crypto exchange collapsed and
filed for bankruptcy, the Bitcoin price had fallen more than 50% to
trade below $15,000. This crash took place in November 2022 and a
few months later, there was a slight recovery in price and Cramer
gave one of his infamous ‘Sell Bitcoin Now’ advice. Related
Reading: Solana-Based Meme Coin Outperforms Dogecoin, Shiba Inu To
Become 3rd-Largest As shown in a video of 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 around 4% in one
week to $24,000 and Cramer believed this was an opportunity to
sell. According to him, BTC’s price was being manipulated, and
selling into the slight pump was the best thing. Cramer also
asserted that the ‘price manipulation’ has made him no longer
believe in the asset. “I would sell my Bitcoin right into this
rally,” Cramer said. “Believe me, I had been a believer one time in
Bitcoin. Not here. Not now,” the show host further added. In true
Cramer fashion, he would turn out to be wrong less than a year
later as Bitcoin’s price would keep going up. In fact, buying
Bitcoin at the time when Cramer advised investors to sell proved to
be one of the best buying opportunities. From Cramer’s sell call at
$24,000 to now, the price has increased by 80%. This means that if
an investor had bought $100,000 in BTC when Cramer said sell and
held until now, they would have a whopping $180,000 in their
portfolio, meaning an $80,000 profit in less than one year. BTC
price over 80% higher than Cramer's sell call | Source: BTCUSD on
Tradingview.com The Inverse Cramer Tracker ETF Cramer’s propensity
for being wrong has brought him notoriety to the point that there
is currently a fund dedicated to doing the opposite of what the
CNBC host says. The Inverse Cramer Tracker ETF is currently sitting
at $22.07 after hitting an all-time high of $26, data from
MarketWatch shows. Related Reading: Bitcoin Vulnerability
Discovered By A Developer Has Been Flagged By The US Government
Currently, the ProShares Bitcoin Strategy ETF is the top holding in
the fund (5.50%) which currently has around $3.1 million in net
assets. Other prominent investments include PayPal Holdings Inc.,
AMC Entertainment Holdings Inc., and Dominion Energy Inc., among
others. Interestingly, Cramer changed his stance on Bitcoin in
November 2023, just months after his initial prediction. He has
gone on to endorse Bitcoin investments and referred to his earlier
predictions as ‘premature.’ Follow Best Owie on X (formerly
Twitter) for market insights, updates, and the occasional funny
tweet… Featured image from Cryptorobin.com, chart from
TradingView.com
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