Mad Money host Jim Cramer challenges crypto investors to bet.” You can do this for 42 years and not lose money every year,” he said. His statement followed a filing with the U.S. Securities and Exchange Commission (SEC) for an “Inverse Cramer ETF.”
Jim Cramer to crypto investors. Bet Against Me
Jim Cramer, host of CNBC’s “Mad Money” show, challenged cryptocurrency investors to bet against him in a tweet Friday.Cramer is a former hedge fund manager and thestreet.com, a financial news and literacy website that he Cramer 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 to bet against me. I have been doing this for 42 years. Those who know me know that I would have bet $5 on Apple, Google since its inception, $18 on Meta, $10 on Amazon, $25 on Nvidia, and $5 on AMD. I welcome all comers.”
Cramer then followed up with another tweeton crypto. Mentioning that he bought a farm with bitcoin profits and a boat with ether profits, the Mad Money host continued his challenge to crypto investors. I want you to bet against me; I’ve been doing this for 42 years and I don’t lose money every year.”
Many have attacked Cramer for making recommendations that resulted in losing trades.
Last year, he praised Cassie Wood, CEO of Arc Investment Management, just before her flagship fund took a nosedive. He also tweeted a buy recommendation for AMC Entertainment Holdings, but the stock plunged 30%. The Mad Money host also said this last April.” Coinbase should be up to $475.” At the time of writing, Coinbase Global (Nasdaq: COIN) is trading at $67
A prospectus for the “Inverse Cramer ETF” has been filed with the SEC
Cramer’s tweet follows two Exchange Traded Fund (ETF) prospectuses, the Inverse Cramer ETF and the Long Cramer ETF,filed by Tuttle Capital Management with the U.S. Securities and Exchange Commission (SEC). The filing explains that.
The Inverse Cramer ETFs (the “Funds”) are intended to provide investment results that are nearly the opposite of those recommended by television personality Jim Cramer, before fees and expenses.
Tuttle Capital Management also previously launched an ETF that bets on Cassie Wood’s stock picks.
Cramer became a fan of bitcoin in 2020 after speaking with crypto investor and entrepreneur Anthony Pompliano, who convinced him to buy someBTC. The Mad Money host then began advising investors to invest 5% of their portfolio in bitcoin. However, concerns over China’s crackdown on bitcoin mining, ransomware attacks, and Tether (USDT) led him to abandonBTCand invest in Ether. Last June, he exchanged his BTC for ether.
A few months later, he begged crypto investors to profit; in October, he said he invested in crypto because “there could be millions of big fools out there.” In June of this year, he said bitcoin could fall to $12,000, and in August he recommended avoiding crypto and other speculative investments altogether.
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