Jim Cramer, a financial markets commentator, recently acknowledged that he made a mistake regarding Bitcoin. He admitted that his previous advice to investors, suggesting they sell the cryptocurrency, was premature.
In a segment of his CNBC show “Mad Money” on November 22, Cramer responded to a viewer’s question about investing in the Bitcoin mining company CleanSpark. He advised that those interested in Bitcoin should consider increasing their investments in it.
Cramer mentioned that while he hasn’t always accurately predicted the movements of Bitcoin, he has still profited significantly from his investment in the cryptocurrency.
On December 5, 2022, when Bitcoin’s price was $17,150, Cramer advised investors to sell all their cryptocurrency holdings, emphasizing the importance of cutting losses. Since then, Bitcoin has surged by 118%, currently trading at $37,390.
Cramer’s predictions, combined with his inconsistent stance on cryptocurrencies, have turned into a widespread meme in investment circles. Many highlight his knack for making inaccurate calls at crucial times.