Jim Cramer Has Been Utterly Crushed on His Bitcoin Call

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With the launch of dedicated Jim Cramer-tracking ETFs, there was widespread hope for a period of time that the CNBC host would become more circumspect in issuing his infamous investment recommendations, ones that had spawned an entire genre of contrarian investment style, based on Cramer's well-tested ability to echo the market's consensus view. Alas, with the shuttering of the Long Cramer Tracker ETF (LJIM) ETF back in August after notching just 2.2 percent gains for the year, that hope has all but disappeared.

Interestingly, the Short Jim Cramer ETF (SJIM) by Tuttle Capital Management is still functional, having notched year-to-date losses of around 10 percent. This situation speaks volumes about the futility of deriving one's investment philosophy from either aligning with or going against Jim Cramer, who is just too erratic to allow for the generation of any meaningful alpha, sometimes going so far as to flip on his own recommendations within the span of just a few hours.

Nonetheless, some of Jim Cramer's near-recent recommendations have imploded in such a dramatic fashion, that there continues to exist a sizable interest in flipping the CNBC host's investment picks. After all, who can forget Cramer's exhortations to go long on Coinbase at $475 per share?

31 days ago, Jim Cramer said #Bitcoin is about to go down.

BTC is up 37% since then. pic.twitter.com/kgGpFF099f

— Watcher.Guru (@WatcherGuru) November 11, 2023

One of Jim Cramer's most egregiously unprofitable calls in recent days has been to go short on Bitcoin. To wit, in early October, the CNBC host said, "Mr. Bitcoin is about to