Crypto trader successfully bets against Jim Cramer

Former hedge fund manager Jim Cramer shares his expertise on specific stocks and cryptos on his show Mad Money. He often doesn't mince his words.

For crypto investor "Algod", Cramer's forecasts of the last few weeks were the signal to position themselves in the opposite direction . With success. On this basis, the value of his portfolio doubled from $50,000 to just over $100,000: Malice for Jim Cramer's expertise, much to the entertainment of the crypto community.

Jim Cramer's rather simple premise of countering sentiment with a trade quickly caught on. There is now an “Inverse Cramer ETF” Twitter account with more than 84,900 followers. He has made it his mission to track Cramer's stock recommendations so followers can "do the opposite of it."

However, the idea should not be viewed as a guarantee of financial success. The case shows that assessments of any kind by supposed experts should be treated with a healthy dose of caution. However, building a strategy on the opposite of this is very risky, because the direction of the markets remains unpredictable for anyone.

The Terra Luna Doom Prophet

The inverse cramer trade wasn't Algod's first trick. He is best known for his $1 million personal bet with Terra Luna founder Do Kwon . In the midst of the Terra hype in March, he went against the course of the project. He publicly expressed his skepticism about the high returns on Terra's anchor protocol.

Algod was to be right. Because a little later , the Terra ecosystem collapsed in a spectacular crash , with the token price falling from over 100 US dollars to just a few cents. Today, the crypto market is still recovering from the effects of that collapse, which took many other platforms with it.

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