Crypto

Crypto trader doubles his portfolio in a month by betting against Jim Cramer

2 minutes read

Famous crypto trader on Twitter, AIgod, brought a smile to the community after announcing that it had doubled its “Inverse Cramer” portfolio in just one month by “simply” trading inversely against CNBC’s Mad Money host Jim Cramer.

In his last tweet on August 22, the trader, who became famous on Twitter for anticipating the fall of Terra Luna’s collapse earlier this year, said he had just gone long on his reverse account. Jim Cramer following a bearish tweet. of Cramer on the state of the Nasdaq.

Earlier in the same day, Algod announced that the reverse Cramer account had “officially doubled” for the first time, reaching a net worth of $101,440.71, from a departure amount of $51,470.56 on July 19 when he used 35 ETH as collateral.

According to his latest Tweet, AIgod’s reverse account has a net worth of $97,007.62, which is a whopping 88.47% ROI on his initial investment. Algod reiterates, however, that 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 world of finance, but some in the crypto community think it might be wiser to bet against his cryptos and stock picks.

The “Inverse Cramer” became 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 it.

There is also a Inverse Cramer ETF Twitter account with over 84,900 followers, which “follows Jim Cramer’s stock recommendations so you can do the opposite”.

AIgod became well known in the crypto space after $1 million bet between him and Terraform Labs CEO, Do Kwon, in which AIgod claimed that in a year, the price of Terra’s LUNA token will fall below its current price of $88 from March 14, 2022.

Less than two months later, Luna has fallen from its all-time high of over $120 to just $0.84.