Betting Against CNBC’s Jim Cramer Helps Crypto Trader Book Profits

Jim Cramer, CNBC Mad Money host, has almost become synonymous with finance television. He has given some poor investment advice over the years, however. His deeply flawed predictions, despite being a well-known figure in the financial world for many decades, have drawn a lot of ire from the community. A lighter note: Another well-known trader is now inverted trading against him.

AIgod, a crypto trader, is behind the cheeky tweet in which he revealed that he switched to a long position in his inverse Jim Cramer account following the latter’s bearishness on Nasdaq. He said that CNBC’s bearish view on Nasdaq was a “good indicator of crypto”

Inverse Jim Cramer

Algod, a trader, is known for placing a $1 million bet on Terraform Labs CEO Do Kwon about LUNA’s collapse just weeks prior to the collapse. Algod has now disclosed that the official value of the inverse Cramer account has “officially doubled” in the last week. It has now reached a net value at $101,440.71, an increase of the initial $51,470.56 in July 19.

Cramer is a prolific stock picker but his past questionable calls prompted many to trade him. What started out as a joke in the space led to an “Inverse Cramer”, movement that gained prominence on Reddit, and Twitter.

After gaining more popularity on social media, “Inverse Cramer ETF” was born. This is one of many iterations in which investors can be assured market-beating performance through a passive investment vehicle. It is simple: do the opposite of what he suggests.

Questionsable Predictions and Beef with Crypto

Jim Cramer forecast that Bitcoin and Ethereum would be sold off in January 2019. Although this prediction did not hold up well over time, Cramer later stated that the line was drawn at $20,000. Many crypto enthusiasts predicted that Bitcoin would fall in the future, and this was true.

CNBC’s Squawk Box featured a star host making a bizarre comment about crypto “having no value.” Many were not amused and he was criticised by the community for his “inconsistent predictions.”

It’s worth noting that CryptoLaw founder John Deaton stated that Cramer’s statements could be the most bullish sign of crypto in weeks. The sentiment has slightly improved.

CryptoPotato’s first article, Betting Against CNBC’s Jim Cramer to Help Crypto Trader Book Profits, appeared first on CryptoPotato.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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