Jim Cramer Calls Out Crypto Investors To Bet Against Him
Rightly or wrongly, the in-joke among some investors is that you should maybe do the opposite of what CNBC’s Jim Cramer suggests in his market advice.
Jim Cramer is the host of CNBC’s Mad Money show, and he is an outspoken character when it comes to the markets. His advice on crypto since last August is to avoid it altogether, saying earlier this year that he thought that Bitcoin might fall to $12,000.
A fund that bets against Cramer’s advice hasn’t been available – until now. Recently Tuttle Capital Management filed with the Securities and Exchange Commission (SEC) for two exchange-traded funds (ETFs). One is to long the investments recommended by Cramer (Long Cramer ETF), and one is to short his suggestions (Inverse Cramer ETF).
The explanation that is included with the filing states the following:
“The Inverse Cramer ETF (the ‘Fund’) seeks to provide investments results that are approximately the opposite of, before fees and expenses, the results of the investments recommended by television personality Jim Cramer.”
Probably, on hearing of the filing for an ETF that bets against his recommendations, Cramer tweeted:
As far as crypto, same: i bought a farm with my Bitcoin winnings, all announced, and i bought a boat with Ethereum. All announced. Everything disclosed. I WANT you to bet against me. You do not do this for 42 years and lose money evert year.— Jim Cramer (@jimcramer) October 7, 2022
To be fair, some of Cramer’s picks have done extremely well in the past. He is a former hedge fund manager and picked Apple at $5, Google since it was launched, Meta at $18, Amazon at $10, and Nvidia at $25.
Those picks that didn’t do so well include Ark Investment just before its shares plummeted, and AMC Entertainment Holdings just before the stock fell 30%.
He also said in April of last year that “We like Coinbase to $475.” Coinbase is currently trading at $68.5.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.