Mad Money host Jim Cramer challenged crypto investors to bet against him. “You don’t do this for 42 years and you lose money every year,” he said. His statement follows a filing with the United States Securities and Exchange Commission (SEC) for “Inverse Cramer ETF”.
Jim Cramer to Crypto Investors: Bet Against Me
CNBC’s Mad Money host Jim Cramer challenged cryptocurrency investors to bet against him in a tweet on Friday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.
While discussing Advanced Micro Devices (Nasdaq: AMD) stock, he wrote“As always, I welcome people who bet against me. I did this for 42 years. Those who know me know that you would have bet against Apple at $5, Google since inception, Meta at $18, Amazon at $10, Nvidia at $25, and AMD at $5. I welcome all comers.
Cramer then followed up with another Tweeter about cryptography. Noting that he bought a farm with his bitcoin profits and a boat with ether earnings, the Mad Money host issued a challenge to crypto investors: “I want you to bet against me. You don’t do this for 42 years and you lose money every year.
Many people attacked Cramer for making recommendations that resulted in lost trades.
Last year, he praised Cathie Wood, CEO of Ark Investment Management, just before his flagship fund collapsed. He also tweeted a buy recommendation for AMC Entertainment Holdings just before the stock plunged 30%. The Mad Money host also said in April last year, “We like Coinbase at $475.” As of this writing, Coinbase Global (Nasdaq: COIN) is trading at $67.
Prospectus “Inverse Cramer ETF” filed with the SEC
Cramer’s tweets followed a prospectus filing with the United States Securities and Exchange Commission (SEC) by Tuttle Capital Management for two exchange-traded funds (ETFs) – Inverse Cramer ETF and Long Cramer ETF. The file explains:
The Inverse Cramer ETF (the “Fund”) aims to provide investment results which are approximately the opposite, before fees and expenses, of the investment results recommended by television personality Jim Cramer.
Tuttle Capital Management also launched an ETF bet against Cathie Wood’s stock picks.
Cramer became a bitcoin fan in 2020 after speaking with crypto investor and entrepreneur Anthony Pompliano, who convinced him to buy BTC. The Mad Money host then began advising investors to put 5% of their wallets in bitcoin. However, concerns over China’s bitcoin mining crackdown, ransomware attacks and tethering (USDT) prompted him to dump his BTC for ether in June last year.
A few months later, he begged crypto investors to take profits. In October, he said he invested in crypto because “there could be millions of bigger 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 of the Cramer Inverse ETF and Jim Cramer’s response? Let us know in the comments section below.
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