Jim Cramer admitted that he was wrong when he said to sell Bitcoin

Jim Cramer BTC


IMPORTANT POINTS:

  • Host Jim Cramer had said in December 2022 that it was a good time to sell Bitcoin, when the token was trading at $17,500.
  • Since that time, BTC has skyrocketed by more than 120%. For that reason, Cramer admitted his error in declaring the sale of the asset.
  • Many investors have criticized the businessman’s suggestions, so they have decided to bet contrary to what the presenter says.

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Jim Cramer, who often makes investment recommendations on his CNBC show, stated in December 2022 that it was a good time to sell Bitcoin, when the cryptocurrency was around $17,500.

Referring to that unfortunate comment, the television commentator came out to apologize because Bitcoin has skyrocketed more than 120% since that financial suggestion.

“Look, if you like Bitcoin, buy Bitcoin. That has always been my opinion. And for a while I liked it and decided I had made money, but I was premature.”Cramer

In any case, the businessman clarified that he has obtained “substantial” profits with his investments in Bitcoin.

Jim Cramer’s recommendations

On December 5, 2022, the host stated that “it is never too late to sell a terrible position,” referring to the price of BTC when it was at $17,500.

Since then, it has risen over 120% to currently reach $38,200. Furthermore, in October he had also said that BTC would crash. The reality is that BTC jumped 10% since its recent statements.

Due to these statements, the journalist has become an object of ridicule within the financial community.

What’s more, in the middle of last year a trader decided to create an ETF called “Inverse Cramer” where he makes trades against Cramer’s recommendations.