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.
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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.
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.
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.
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