Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, expects all cryptocurrencies, including bitcoin, to disappear someday. Anticipating bitcoin going to “zero,” he stressed: “I’m very skeptical of crypto. I don’t expect it to last … I do not see any long-term value in cryptocurrency.” Jim Rogers Remains Skeptical of […]
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CNBC’s Jim Cramer said Tuesday’s sell-off was a result of poor judgment on the part of shareholders.
“The market won’t bottom all at once — there will be some stocks that will bottom tomorrow — but I think this is a sell-off based on bad judgment, not bad earnings or a bad business environment,” he said. “And it will be cured by the departure of those bulls who got caught offsides, who’ll now be pulled from the lineup and sent back to the sidelines, where they can earn their 5% while they break form and do some much-needed homework.”
After a hotter-than-expected consumer price index, the Dow Jones Industrial Average lost 1.35% by the close, marking its worst session since March 2023 on a percentage basis. The S&P 500 declined 1.37% and the Nasdaq Composite slid 1.8%.
The overheated CPI number led to poor decision-making by shareholders, Cramer said, many of whom put too much faith in the idea that the Federal Reserve would be ready to cut interest rates in the spring.
Other bullish investors stirred up market froth, buying up many tech companies with unclear business plans, he said. An extreme example of this froth was the action behind semiconductor outfit Arm, whose post-earnings rally from last week extended into this week.
In theory, Cramer said investors would be wise to sell some stock here and then buy it back at lower levels, but admitted that plan is difficult to execute in practice.
“The market can’t advance on froth without terrible consequences,” he said. “We go to drain the froth and refresh, and that’s what today was, as those who don’t know anything about the economy or their stocks get cashiered out of the market.”
Manchester United’s stock climbed Tuesday after British billionaire Jim Ratcliffe clinched his 25% minority stake in the iconic English soccer club.
Shares of operator Manchester United Ltd. MANU rose 2.4%, outpacing the S&P 500 index’s SPX gain of 0.4%.
Manchester United announced the agreement on Dec. 24, with Ratcliffe acquiring 25% of…
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British billionaire Sir Jim Ratcliffe has agreed to buy a 25% stake worth about £1.25 billion ($1.3 billion) in Manchester United soccer club, the BBC reported Sunday.
As part of the deal, Ratcliffe’s Ineos Group will take control of the club’s football operations.
Ratcliffe, 71, will also provide $300m (£236m) for future investment into Old…
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Jim Cramer, the host of CNBC’s Mad Money show, has come to be known in Bitcoin circles for his constantly wrong predictions about the asset. Cramer has, at various points, called for investors to sell their Bitcoin but with the crypto’s price continuing to go up after his calls, here’s how much Bitcoin has gained since Cramer last called for a BTC sell-off.
Back in 2022 when the FTX crypto exchange collapsed and filed for bankruptcy, the Bitcoin price had fallen more than 50% to trade below $15,000. This crash took place in November 2022 and a few months later, there was a slight recovery in price and Cramer gave one of his infamous ‘Sell Bitcoin Now’ advice.
As shown in a video of Cramer shared by the parody account @CramerTracker on X (formerly Twitter), the Mad Money show host can be seen advising investors to sell their Bitcoin. At the time, the asset’s price had risen around 4% in one week to $24,000 and Cramer believed this was an opportunity to sell. According to him, BTC’s price was being manipulated, and selling into the slight pump was the best thing.
Cramer also asserted that the ‘price manipulation’ has made him no longer believe in the asset. “I would sell my Bitcoin right into this rally,” Cramer said. “Believe me, I had been a believer one time in Bitcoin. Not here. Not now,” the show host further added.
In true Cramer fashion, he would turn out to be wrong less than a year later as Bitcoin’s price would keep going up. In fact, buying Bitcoin at the time when Cramer advised investors to sell proved to be one of the best buying opportunities.
From Cramer’s sell call at $24,000 to now, the price has increased by 80%. This means that if an investor had bought $100,000 in BTC when Cramer said sell and held until now, they would have a whopping $180,000 in their portfolio, meaning an $80,000 profit in less than one year.
BTC price over 80% higher than Cramer's sell call | Source: BTCUSD on Tradingview.com
Cramer’s propensity for being wrong has brought him notoriety to the point that there is currently a fund dedicated to doing the opposite of what the CNBC host says. The Inverse Cramer Tracker ETF is currently sitting at $22.07 after hitting an all-time high of $26, data from MarketWatch shows.
Currently, the ProShares Bitcoin Strategy ETF is the top holding in the fund (5.50%) which currently has around $3.1 million in net assets. Other prominent investments include PayPal Holdings Inc., AMC Entertainment Holdings Inc., and Dominion Energy Inc., among others.
Interestingly, Cramer changed his stance on Bitcoin in November 2023, just months after his initial prediction. He has gone on to endorse Bitcoin investments and referred to his earlier predictions as ‘premature.’
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Markets commentator Jim Cramer has tacitly admitted he was wrong about Bitcoin (BTC), saying he was premature in calling for investors to sell the cryptocurrency.
In a Nov. 22 segment of his CNBC Mad Money show, Cramer responded to a caller who inquired about buying shares in Bitcoin miner CleanSpark, saying that anyone who likes Bitcoin should increase their exposure to it.
“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.”
Cramer added that despite not having made perfect calls on Bitcoin previously, he’d still “made a lot of money” from his investment in it.
On Dec. 5, 2022, when Bitcoin was trading for $17,150, Cramer urged investors to sell all their crypto investments no matter the cost, saying it was “never too late to sell an awful position.” The price of Bitcoin has rallied 118% since, with BTC currently changing hands for $37,390.
Cramers’ predictions, along with his on-again, off-again love-hate relationship with crypto, have become a popular meme throughout investing communities over the past few years, with many pointing out his uncanny ability to make incorrect calls at key moments.
Related: Bitcoin to $1M post-ETF approval? BTC price predictions diverge wildly
In August 2022, a crypto trader claimed to have doubled the size of his portfolio simply by trading in the opposite direction to what Cramer recommended.
Two months later, on Oct. 6, an investment fund filed for an “inverse Cramer ETF” — a financial instrument designed to return results on trades “that are approximately the opposite of, before fees and expenses, the results of the investments recommended by television personality Jim Cramer.”
Finally happened: Cramer ETFs
Inverse Cramer ETF $SJIM
Long Cramer ETF $LJIM
Eff Dec 1920-25 equal-weighted stocks/ETFs based on Cramer’s Twitter & TV recommendations and market views. Positions exited if Cramer has no view & once profit targets met. pic.twitter.com/tY9yBMt15s
— ETF Hearsay by Henry Jim (@ETFhearsay) October 5, 2022
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