CNBC “Mad Money” host Jim Cramer doesn’t appear to believe in the memestock and meme crypto way of investing.
What Happened: Cramer told his 1.7 million Twitter followers Friday that he is watching as “short-timers self-destruct” after investing their life savings in GameStop Corp (NYSE:GME) calls, AMC Entertainment Holdings Inc (NYSE:AMC) calls and Dogecoin (CRYPTO: DOGE).
that’s what i was thinking of doing… But this is too much fun. I will get tough when i have to. I am just watching these short-timers self-destruct as they realize that their (meager) life savings are in GME calls and AMC calls and Dogecoin. Veritable Fort Knox portfolios. https://t.co/NkFqItlL4N
— Jim Cramer (@jimcramer) September 24, 2021
His followers were less than pleased with his take on the matter, replying to his post with anecdotes of their own personal success stories with GME, AMC and DOGE.
“AMC is recession proof at this point. It’s one of the safest places to have your money right now,” said one user on Twitter.
Year-to-date, AMC is up 1,889%, and 343% in the last six months alone.
“Don’t bring Dogecoin into this please name one investment that you have or had that has beat my return of 1 million doge I bought for 2.9K? [sic]” commented another user.
The meme-based cryptocurrency is up 1,057% year-to-date. Those who cashed out of DOGE at its all-time high of 73 cents earlier this year would have gained over 3,700% on their investment at the start of 2021.
Earlier this week, Cramer urged crypto investors to take their profits out of Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) before the cascading effects of China’s Evergrande debt crisis further played out in crypto markets.