Well, two weeks later the crab decided that life is too short to move sideways, screamed ‘YOLO’ and we unexpectedly reached the 35K benchmark. Wowza indeed, and yes, you’re welcome!
I would like to say that we could hold this position for a good while, but given the intricacies of reverse psychology and the ‘commentator’s curse’, something will change before my manuscript will see the light of the day. I don’t want to take my chances… You know how it goes. You buy an asset and it drops massively, or you sell something, and it skyrockets in price.
It is difficult to make predictions, especially about the future, so I’ll do something better – put the spotlight on someone else, someone who’s infamous in the crypto community.
Talking about Jim Cramer, the loudmouth TV presenter many of us love to hate.
Who Is Jim Cramer And What Makes Him Relevant?
James Joseph Cramer is a television personality, author, and former hedge fund manager that entertains the masses with his ‘hot takes’ on the world of finance.
There are a lot of talking heads on TV and in the media, so why is Mr. Cramer a voice people mention in the saturated info space? To answer that question, we would need to recap Cramer’s career in 3 minutes or less. Ready? Let’s go!
Jimbo began studying stocks in the fourth grade, and continued the habit through high school. He grew up to be a smart egg, and graduated magna cum laude from Harvard College with a Bachelor of Arts in government. Sounds legit. Even though the guy got all the grades, Cramer took a job as an entry-level reporter, making $15,000 per year.
He was one of the first people to cover the Ted Bundy murders since he lived only a few blocks away! Yes, we have a certified hustler on our hands.
To back the ‘hustler’ title, Jim wrote obituaries for the Los Angeles Herald-Examiner until his household was robbed and he lost everything. Poor dude was forced to live in his car for 9 months, but his grit and determination led them through these ‘hard times’ to getting a Juris Doctor degree from Harvard Law School.
He went from ‘zero to hero’ by being pretty good with stocks, using his skills to pay the bills and cover college tuition. It’s hard to knock a person who’s that crafty and resourceful, don’t you agree? People who can build themselves from nothing deserve at least some respect.
So, Jim Cramer worked his way up to getting into sales and trading at New York investment bank Goldman Sachs and only three years later he left to start a hedge fund, Cramer & Co.
He channeled his inner ‘Manny Calavera’ to get what he wanted and produced a 24% average annual return over 14 years, then retired from managing the hedge fund in 2001, fully embracing his role as a TV host. In 2005 Jim Cramer started the show called ‘Mad Money’, to provide people engaging in DIY investing with “the knowledge and the tools that will empower you to be a better investor“.
But even though Cramer rocks an impressive resume and has rich investing experience, many people know him exclusively for his bad takes.
It’s Waaaay Funnier When The Millionaires Are Wrong
I would bet all my leftover piastre on the fact that you predominantly see Jim Cramer’s name in the headlines when he makes bold predictions about Bitcoin.
Well, let’s cut the guy some slack, his prediction ‘disasterclass’ track record is second to none. I did a quick research and some of his ‘misses’ are just too good to ignore. It takes a special talent to be that bad with predictions, and he gave out advice that’s too funny to ignore in retrospect.
Just to name a few such cases:
- He suggested investing in Bear Stearns, Merrill Lynch, Morgan Stanley, Wachovia, and Lehman Brothers prior to their substantial stock value decline and eventual closure during the 2007-2008 financial crisis. Ok, shish happens, right?
- On February 8, 2023, Cramer advised his viewers to purchase Silicon Valley Bank stock, just one month before the company’s stock collapsed. Those were some wild times.
- On March 10, he commended First Republic Bank as an “excellent bank” on Twitter. Following Cramer’s post, First Republic Bank’s stock plummeted by over 80%, and on May 1, it collapsed, marking the third and final bank to fall in the 2023 banking crisis.
That’s only the tip of the iceberg though. Only a few weeks ago Jim Cramer called for a crypto wide crash as BTC teased 27K. Lo and behold, we’re hovering around the 35K range! This is not a one-off occurrence too, and Cramer’s bearish stance on Bitcoin often results in the uptick in the asset’s price.
It occurs so often that the lads have created an Inverted Cramer Tracker ETF to provide investment results that are approximately the opposite of, before fees and expenses, the results of the investments recommended by Jimbo. The fund estimates have a “high turnover rate” too!
This Is How You Can Get Rich Carefully…
As Mac from ‘Always Sunny In Philadelphia’ once said, ‘I’m playing both sides, so that I always come out on top.’
Well, what stops you from following suit and applying the same methods in your investment strategies? Cao Cao, a great military strategist of the Three Kingdoms Era, once said: “As a crypto degen, you shall follow Jimmy Cramer. Whatever Jimmy says, do the opposite. You shall then achieve great success under Heaven.”
So yeah, your road to success should not be as stressful as Cramer’s, you literally have to do just three things:
- Buy when Cramer calls for a crash.
- Sell when the market sentiment turns to ‘greedy’.
- Profit!
Like taking candy from a baby! Inverse Cramer is a scientific strategy, one which deserves to be in investment books. Perhaps they will teach this in college for younger generations? If they won’t you have to do it yourself. That’s right, the time is right to ‘hook your kid on crypto’.
And if you think the crowd is being too tough on the guy, let me just repeat the line that opened this chapter. Sly dogs play for both sides to make sure their predictions hold up… One time Cramer said ‘be patient with Bitcoin’ only to sell it 9 days later. Funny enough, he would have a copout in either case to ‘save the face’.
BTC goes down? He sold because he’s smart.
BTC goes up? Well, he told you to be patient!
As always, counter-following Cramer is not financial advice, this is financial wisdom. Listen to advice from people on the Internet and do the complete opposite to achieve that elusive financial freedom.
Cause, you know, freedom is when you have nothing to lose. Being free from money should technically count as ‘financial independence’. To cap this post off, let’s try to send some affirmations into space to trigger crypto Gods with field-proven reverse psychology tricks.
‘Please
don’t give us the bull run, it’s getting complicated to cash out at this point’.
‘Aw shucks, I hope Elon Musk makes a fortune using highly sophisticated memes to promote memecoins’.
‘Damn, I hope Sam Bankman-Fried gets out of jail, he’s such a good lad’.
Amen to that. Now we wait and watch the crypto Gods do what they do best – laugh at our plans and do the exact opposite. Any minute now…