What If you bought Bitcoin when Jim Cramer did?

Though Jim Cramer is frequently made fun of for the fact that assets he recommends buying soon start collapsing and vice versa, he seldom fires back at such jokes.

This was not the case in late November 2024, when netizens started bantering that Bitcoin (BTC) was doomed after the TV personality and former hedge fund manager endorsed owning it directly – and after they began blaming him for the cryptocurrency’s $6,000 fall in jest.

Indeed, on November 26, Cramer made an X post saying how funny he found the comments as the former hedge fund manager has been invested in and positive about cryptocurrencies for a relatively long time.

Picks for you

XRP price to soar as whales make giant splash 20 hours ago
XRP price to hit $1.60 ‘if Bitcoin doesn’t ruin party’ 21 hours ago
MicroStrategy makes largest ever Bitcoin buy 22 hours ago
Polygon set for 6,000% rally to $36, crypto expert reveals 23 hours ago

While there certainty is cause for jest as Bitcoin plummeted from about $98,000 to its press time price of $92,206 soon after the famous host made the most recent endorsement, Cramer also has a point in defending himself.

BTC 7-day price chart. Source: Finbold

Was Jim Cramer’s Bitcoin investment lucrative?

As is frequently the case, there exists a certain gap between the perception of Jim Cramer and the reality of Jim Cramer, and the former hedge fund manager’s purchase of BTC was, in fact, relatively well timed.

Specifically, by December 14, 2020, it became common knowledge that the TV host purchased Bitcoin one week before at a price near $18,000 per coin.

BTC’s all-time price chart with an approximate timing of Jim Cramer’s purchase marked. Source: Finbold

This means that – even after the latest price drop is taken into account – any investor who decided to follow the former hedge fund manager, whether ‘for the memes’ or out of earnest faith in his advice, and bought $1,000 worth of BTC at the same time would now have $5,111.

In a nutshell, following Jim Cramer into the cryptocurrency market with a $1,000 purchase would have yielded more than $4,000 in profit as the coin rose 411.11%.

On the other hand – and perhaps more in line with popular perception – the TV personality is known to have sold most of his Bitcoin by mid-June 2021. Though this means that he missed on the year’s highs and the current highs, it also indicates Cramer at least doubled the money he invested.

Featured image via Shutterstock

Comments

Post a Comment

Popular posts from this blog

Crypto market ‘dramatically underestimates’ bullishness of spot Bitcoin ETFs

Image
“It’s reckless not to aggressively accumulate BTC at current levels,” K33 senior analyst Velte Lund said in a recent report. The potential of a spot Bitcoin (BTC) exchange-traded fund (ETF) approval to drive prices up is dramatically underestimated by the crypto market , claim analysts from crypto research firm K33 — formerly Arcane Research.  In a Sept. 5 market report, K33 senior analyst Vetle Lunde and vice president Anders Helseth said the last three months had greatly improved the chances of a spot Bitcoin ETF approval despite the sentiment not being reflected in the price of Bitcoin or other mainstay crypto assets. The analysts explained while Bitcoin had all but given up its gains in the wake of Grayscale’s legal victory over the Securities and Exchange Commission — an approval would “attract enormous inflows” and significantly increase buying pressure for Bitcoin. Bitcoin returned its gains in the wake of Grayscale's victory. Source: K33 Research However, the downside of ...
Read more

Crypto Bias Blocks People from Seeing Coinbase as Goldman 2.0: Bitwise CEO

In a recent tweet, Hunter Horsley, CEO of Bitwise Asset Management, shared his frustration with the poor attention given to the US-based crypto, Coinbase, claiming that people are “sleeping” on the crypto business. Horsley argued that while big banks like Goldman Sachs attempt to avoid a “slow death” by investing in technology, APIs, and retail services, Coinbase has already achieved what many banks strive to attain. He points out that the exchange has an exceptional institutional team with 25% of the most significant hedge funds as clients, over 50% institutional volume, and a suite of first-class tech products. The Bitwise CEO also claimed that Coinbase co-invented the USDC payment rail, facilitating $2 trillion in transfers in 2022 Q4 alone. Rant — People are sleeping on Coinbase. Big banks like GS are working to avoid slow death by getting into technology, APIs (Apple deal), more retail services (Marcus), while grappling with the heft of legacy biz, rate exposure, ...
Read more

Komodo (KMD) Price Prediction 2023-2030: Will KMD Price Hit $ 0.7 Soon?

Image
Bullish Komodo (KMD) price prediction ranges from $0.4 to $0.7 Analysis suggests that the KMD price might reach above $0.68. The KMD bearish market price prediction for 2023 is $0.1775. What is Komodo (KMD)? Komodo is an open-source technology provider that provides the infrastructure and tools for the new decentralized financial system. With Komodo, anyone has the capability of launching a branded decentralized exchange, cross-protocol financial applications, and independent blockchains.   The project’s flagship end-user application is Komodo Wallet (formerly AtomicDEX). It is a non-custodial multi-coin wallet, crypto bridge, and DEX rolled into one app. Being compatible with 99% of cryptocurrencies, Komodo Wallet offers the widest cross-chain, cross-protocol trading support of any decentralized exchange. Komodo Wallet’s DEX feature is built using a peer-to-peer (P2P) atomic swap protocol with decentralized order books. Developers use ...
Read more