Jim Cramer is the host of Mad Money and has asked crypto investors not to wager against him. “You do not do this for 42 years and lose money every year,” he said. His statement followed a filing with the U.S. Securities and Exchange Commission (SEC) for “Inverse Cramer ETF.”
Jim Cramer is now a Crypto Investor
The host of CNBC’s Mad Money show, Jim Cramer, challenged cryptocurrency investors to bet against him in a tweet Friday. Cramer was once a manager at a hedge fund and co-founded Thestreet.com. This financial news website provides information for investors.
He discussed the stock of Advanced Micro Devices (Nasdaq : AMD) while he wrote: “As always I welcome people betting against me. This has been my practice for 42 years. People who know me well know that I would bet against Apple, Google, Meta, Meta, Meta, Amazon, $108, Meta, Nvidia, AMD, Nvidia, Nvidia, Nvidia, Nvidia, Nvidia, Nvidia, since inception and AMD at $5. I welcome all comers.”
Cramer followed this up by another. tweetAbout crypto. Noting that he bought a farm with his bitcoin profits and a boat with ether gains, the Mad Money host proceeded to challenge crypto investors: “I want you to bet against me. You do not do this for 42 years and lose money every year.”
Cramer’s recommendations to lose trades have come under fire from many.
Cathie wood, Ark Investment Management CEO was highly praised last year as the flagship fund crashed. AMC Entertainment Holdings also received a tweet from him recommending he buy it just prior to the stock plummeting 30%. The Mad Money host also said in April last year: “We like Coinbase to $475.” At the time of writing, Coinbase Global (Nasdaq: COIN) is trading at $67.
‘Inverse Cramer ETF’ Prospectus Filed With SEC
Cramer’s tweets followed a prospectus filing with the U.S. Securities and Exchange Commission (SEC) by Tuttle Capital Management for two exchange-traded funds (ETFs) — Inverse Cramer ETF and Long Cramer ETF. This is the filing:
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.
Tuttle Capital Management also previously launched an ETF betting against Cathie Wood’s stock picks.
Cramer discovered bitcoin as a favorite in 2020 when he met with Anthony Pompliano, crypto investor and entrepreneur. Pompliano convinced Cramer to invest some BTC. Mad Money’s host began to advise investors that they invest 5% in bitcoin. Concerns over ransomware attacks and Chinese Bitcoin mining crackdowns, as well as tether (USDT), led to him selling his BTC in favor of ether last June.
A few months later, the man begged crypto investors to make their money. In October, he said he invested in crypto because “there could be millions of greater fools 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 response? Please leave your comments below.
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