Mad Money’s Jim Cramer Challenges Crypto Investors to Bet Against Him After the ‘Inverse Cramer ETF’ Filed with the SEC
Mad Money host Jim Cramer challenged crypto investors to bet against him. “You don’t do this for 42 years and lose money every year,” he said. His statement after filing with the US Securities and Exchange Commission (SEC) about the “Inverse Cramer ETF”.
Jim Cramer To Crypto Investors: Bet Against Me
CNBC’s Mad Money host, Jim Cramer, challenged crypto investors to bet against him in a tweet on Friday. Cramer is a former hedge fund executive who co-founded Thestreet.com, a financial news and knowledge website.
While discussing Advanced Micro Devices (Nasdaq: AMD) stock, he wrote: “I always welcome anyone to bet against me. I’ve been doing this for 42 years. Those who know me know that you have bet with Apple at $5, Google since its inception, Meta at $18, Amazon at $10, Nvidia at $25 and AMD at $5 dollars. I welcome all who come”.
Cramer then continued with another tweet about the cryptocurrency. Noting that he bought a farm with his bitcoin profits and a boat obtained from ether, the Mad Money host proceeded to challenge crypto investors: “I want you to bet against me. You don’t do this for 42 years and lose money every year.”
Many people attacked Cramer for making recommendations that resulted in losing trades.
Last year, he praised Ark Investment Management CEO Cathie Wood just before her flagship fund plunged. He also tweeted a buy recommendation for AMC Entertainment Holdings just before the stock dropped 30%. The Mad Money host also said last April: “We like Coinbase to $475.” At the time of writing, Coinbase Global (Nasdaq: COIN) is trading at $67.
Prospectus of ‘Inverse Cramer ETF’ filed with SEC
Cramer’s tweets follow a prospectus filed with the US Securities and Exchange Commission (SEC) by Tuttle Capital Management for two exchange-traded funds (ETFs) – the Inverse Cramer ETF and the Long Cramer ETF. Profile explanation:
The Inverse Cramer ETF (‘Funds’) seeks to provide investment results that are roughly the opposite of, before fees and expenses, the results of investments proposed by television personality Jim Cramer.
Tuttle Capital Management also previously launched an ETF that bets on Cathie Wood stock options.
Cramer became a bitcoin fan in 2020 after he spoke with crypto investor and entrepreneur Anthony Pompliano, who convinced him to buy some BTC. The Mad Money host then began advising investors to put 5% of their portfolios in bitcoin. However, concerns about China’s bitcoin mining crackdown, ransomware and Tether (USDT) attacks led him to sell his BTC for ether last June.
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A few months later, he begged crypto investors to take profits. In October, he said that he invested in crypto because “there are probably millions of more idiots out there.” In June of this year, he said bitcoin could drop to $12,000, and in August he recommended avoiding crypto and other speculative investments altogether.