Crypto trader doubles portfolio in a month betting against Jim Cramer
Cramer is known for giving his investment expertise as the host of CNBC’s “Mad Money” but has developed a reputation in the crypto community for missing the mark.
Twitter-famous crypto trader AIgod has brought a smile to the community after announcing he’s doubled his “Inverse Cramer” portfolio in just a month by “simply” inverse trading against CNBC’s Mad Money host Jim Cramer.
In his latest tweet on Aug. 22, the trader, who became famous on Twitter for pre-empting the fall of Terra Luna’s collapse earlier this year, said he has just flipped to a long position on his inverse Jim Cramer account following a bearish tweet from Cramer about the state of the Nasdaq.
Earlier in the same day, Algod announced the inverse Cramer account had “officially doubled” for the first time, reaching a net value of $101,440.71, up from a starting amount of $51,470.56 on July 19 when he used 35 ETH as collateral.
According to his latest Tweet, AIgod’s inverse account shows $97,007.62 in net value, representing a whopping 88.47% return on his initial investment. Algod reiterates howeverthat none of this is “financial advice.”
Jim Cramer is a former hedge fund manager who hosts CNBC’s Mad Money. He is well-known in the finance world, but some in the crypto community believe it may be wiser to bet against his crypto and stock picks.
The “Inverse Cramer” has become something of a meme after a movement started on Reddit and Twitter pushing a simple idea. If Cramer says to sell a stock — buy. If he recommends buying a stock — sell.
There is also an Inverse Cramer ETF Twitter account with over 84,900 followers, which is “tracking the stock recommendations of Jim Cramer so you can do the opposite”.
AIgod has become well-known within the crypto space following a $1 million bet between him and Terraform Labs CEO Do Kwon, in which AIgod claimed that in one year the price of Terra’s LUNA token would fall below its current price of $88 starting from Mar. 14, 2022.
Less than two months later, Luna fell from its all-time high of over $120 to just $0.84.