Crypto Twitter user Cramer claimed that he had sold Bitcoin and Ethereum, and bought a farm with the proceeds. Cramer then convinced crypto market analysts to back him up on his anti-Cramer views.
An SEC file from this week shows that Tuttle Capital Management applied to launch two exchange traded funds, the Inverse Cramer ETF(SJIM) and the Long Cramer ETF(LJIM). These funds will move an investor’s money in the opposite direction of what the controversial television personality recommends via his CNBC show “Mad Money” and via Twitter.
The Fund is an exchange-traded fund that is actively managed and seeks to realize its investment objective through transactions designed to perform the reverse of the returns of investments recommended by Jim Cramer (Cramer “),” a SEC filing states. “Under normal circumstances at least 80% of the Fund’s investments are invested in the inverse securities mentioned by Cramer.”
Cramer’s relationship with Crypto Twitter has a long and rich history. Cramer was once an avid crypto bull who declared it was “almost irresponsible not to buy Bitcoin”. However, Cramer experienced a 180-degree heart change after crypto markets crashed earlier in the year.
On Twitter, Cramer’s financial advice was proving to be a disaster.
This led to the creation of an account called “Inverse Cramer” that would boast whenever Cramer’s predictions were wrong.
Cramer began to doubt crypto assets more in the wake of the May crypto crash. Crypto Twitter users started laughing at Cramer, jokingly or not, arguing that crypto was still a viable investment option.
Cramer’s statement may have been a form of acknowledgment of the lack deference he receives in his financial advice now that it is generally available online and possibly of his awareness of potential anti-Cramer financial product batches.
One Twitter user suggested that Cramer could become bullish on the Inverse Cramer, but this was not what he thought.
