Bitcoin Nearly Up 50% Since Jim Cramer's Call For Sell
Bitcoin’s value increased nearly 50% since the host of CNBC’s Mad Money said he’d sell BTC last month when banks were collapsing.
He made this statement as he addressed whether the continued distrust in the banking system and the Federal Reserve has strengthened the investment case for bitcoin or not.
“No … Bitcoin is a strange animal. I will say point-blank, I think it’s being manipulated up … I would sell my bitcoin right into this rally,” said Cramer.
Due to his history of giving poor advice, many took it as a buy signal, hence, made extensive profits.
Based on his bad track record, an ETF named inverse Cramer exchange-traded fund also came into being.
The ETF seeks to provide investment results that are the opposite of the results of the investments recommended by Cramer.
He also advised users to invest in Silicon Valley Bank and Signature Bank, which eventually collapsed, cementing his tainted reputation even further.