Jim Cramer: I Was Wrong About Bitcoin
27 Nov, 2023 ● Crypto people
Jim Cramer, a market analyst, has quietly acknowledged that he was mistaken about Bitcoin, claiming that his advice to investors to sell the cryptocurrency was premature.
Cramer advised anyone who likes Bitcoin to increase their exposure to it in response to a caller who wanted to purchase shares in Bitcoin miner CleanSpark during a segment of his CNBC Mad Money show on November 22.
“Look, if you like Bitcoin, buy Bitcoin. That has always been my view. And for a while, I liked it, and I decided that money had been made, but I was premature.”
Even though he hadn't always made the right decisions when it came to Bitcoin, Cramer made it clear that he had still "made a lot of money" from his investment.
When Bitcoin was trading for $17,150 on December 5, 2022, Cramer advised investors to sell all of their cryptocurrency holdings, claiming that it was "never too late to sell an awful position."
Since then, the price of Bitcoin has increased by 118%, and it is currently trading for $37,390.
Over the past few years, Cramers' predictions and his love-hate relationship with cryptocurrency have become a popular meme in the investing community, with many pointing out his uncanny ability to make bad decisions at crucial times.