Jim Cramer, a market analyst, has acknowledged that his initial advice to investors to sell Bitcoin (BTC) was premature and that he was mistaken. Cramer advised anyone who enjoys Bitcoin to increase their exposure to it in response to a caller who wanted to purchase shares in Bitcoin miner CleanSpark during a section of his CNBC Mad Money show on November 22. “Hey, purchase Bitcoin if you like it. That’s what I’ve always believed. And for a while after that, I thought it was good and that money had been made, but I was wrong.” Although he hadn’t always made the right decisions when investing in Bitcoin, Cramer continued, he had still “made a lot of money” from it.
When Bitcoin was trading for $17,150 on December 5, 2022, Cramer recommended investors sell all of their cryptocurrency holdings at any price, stating 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, Cramer’s predictions and his love-hate connection with cryptocurrency have become a popular joke in the investment community, with many pointing out his uncanny ability to make bad decisions at crucial times. A cryptocurrency trader asserted in August 2022 that he had doubled the size of his portfolio by merely trading against Cramer’s recommendations.
