CNBC’s Jim Cramer goaded his countless online nonbelievers with a challenge on Friday: bet against him. He challenges you.
Cramer boasted to Crypto Twitter that he broke up with him Bitcoin and ether and bought a farm and a boat with the spoils. He then persuaded the doubters of his crypto market analysis to go all-in on their anti-Cramer positions.
Soon those doubters might be doing just that.
As for crypto, same thing: I bought a farm with my bitcoin profits, announced everything, and I bought a boat with Ethereum. All announced. All disclosed. I WANT you to bet against me. They don’t do this for 42 years and lose money every year.
According to SEC Filing Earlier this week, Tuttle Capital Management filed to launch two exchange-traded funds — the Inverse Cramer ETF (SJIM) and the Long Cramer ETF (LJIM) — that will put an investor’s money into the opposite of every outspoken television personality advises in its CNBC show “Mad Money” and via his Twitter account.
“The Fund is an actively managed exchange traded fund that seeks to achieve its investment objective by engaging in transactions designed to seek the inverse return of the investments recommended by television personality Jim Cramer (“Cramer”).” says the SEC filing. “Under normal circumstances, at least 80% of the fund’s investments will be invested in the reverse of the securities named by Cramer.”
The history of Cramer’s relationship with Crypto Twitter is long and storied. Once a passionate crypto bull who called it “nearly irresponsible” Not buying Bitcoin, Cramer had a 180-degree angle change of heart Once the crypto markets crashed earlier this year.
On Twitter, apparent failures of Cramer’s financial advice perfectly fueled the creation of a spoof account called the Inverse Cramer ETF, which always cheered whenever Cramer’s forecasts turned out to be spot on.
As Cramer developed increasing skepticism about crypto assets in the wake of May’s crypto crash, the TV host began building a tongue-in-cheek following on Crypto Twitter, with users jokingly — or perhaps not — positing that as long as Cramer persists, there is hope Crypto bashing for the market.
Cramer’s statement today could be a form of acknowledgment of the lack of respect his financial advice is now being accorded widely online, and possibly his awareness of a potential batch of publicly traded anti-Cramer financial products.
However, as one Twitter user posited, what “beginning”-level event would occur if Cramer ever reacted optimistically to the inverse Cramer?
What happens if Jim Cramer recommends the Inverse Jim Cramer ETF?