Television host Jim Cramer is known for his outlandish takes on the stock market and his often back-and-forth recommendations that can change from day to day. The same has applied to the cryptocurrency market in recent years, a sector Cramer loves to hate.

Here’s a look back at one of Cramer’s recent warning calls against cryptocurrency and how you could’ve profited betting against him.

What Happened: Optimism for Bitcoin (CRYPTO: BTC) spot ETFs is among the catalysts that sent the price of cryptocurrencies soaring in recent weeks.

After a rough 2022 for the cryptocurrency sector, valuations of many leading cryptos have soared year-to-date in 2023. This means that anyone who wrote crypto off in late 2022 or early 2023 is likely regretting their call-outs or provided advice that turned out to be untrue.

On Dec. 23, 2022, CNBC host Cramer once again criticized the cryptocurrency market and gave a warning to anyone who was investing in the sector. The comments came as it was announced that FTX co-founder Sam Bankman-Fried had been released from jail on $250 million bail.

Cramer said the SEC should be more involved in the cryptocurrency market, noting that when investors look at a filing of a stock, they know who owns it, whereas with cryptocurrency, investors don’t know who owns them.

The CNBC host previously owned cryptocurrency before selling all of it, a decision he said he announced on television and doesn’t regret.

“I would not touch crypto in a million years,” Cramer said during the Dec. 23, 2022, broadcast.

Cramer said the cryptocurrency sector has fought regulation and investors often see losses of their money.

“I like to have my money at JPMorgan and I check on Monday to see whether my balance is there.”

Cramer said the same can’t be said for cryptocurrency due to volatility and from his personal experience it can be tough to get your money out.

An on-screen graphic showed the prices for Bitcoin, Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL), Litecoin (CRYPTO: LTC) and the cryptocurrency exchange Coinbase Global (NASDAQ:COIN).

The chart and names of several of the cryptocurrencies prompted an angry rant from Cramer.

“I do think you’re an idiot. I did not go to college to get stupid. These people who own these things should not own them.”

Cramer went on to say that cryptocurrencies are the “creation of money by cretins.”

“These are worse than even the worst Nasdaq stocks.”

Given the comments by Cramer in December, it may have come as a surprise when Cramer recently recommended Bitcoin over a Bitcoin mining stock on his “Mad Money” show.

“I’d rather just own Bitcoin,” Cramer said when asked about Marathon Digital Holdings Inc (NASDAQ:MARA).

Investors who disagree with Cramer can now invest in the Inverse Cramer Tracker ETF (BATS:SJIM), which launched earlier this year.

When Cramer made his argument in December, investors could have purchased the individual cryptocurrencies and Coinbase stock themselves.

Related Link: EXCLUSIVE: Someone Needed To Make Jim Cramer ETF

Investing $1,000 in Crypto: An investor who went against Cramer’s advice on Bitcoin and invested in the leading cryptocurrency on Dec. 23, 2022, would likely be smiling today.

A $1,000 investment at the intraday high could have purchased 0.0592 BTC. The $1,000 investment would be worth $2,010.24 today. This marks a return of 101.0% over the last 10 months.

The same $1,000 invested in the SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the S&P 500 stock market index, would be worth $1,078.92 today. This marks a return of 7.9% over the last 10 months.

Each of the four cryptocurrencies and cryptocurrency platform Cramer criticized are up over the last 10 months with all but one beating the S&P 500. Here’s a look at the returns for the other assets based on a $1,000 investment:

Ethereum: 0.8150 ETH, $1,449.09 today, +44.9%

Litecoin: 15.15 LTC, $1,027.62 today, +2.8%

Solana: 82.78 SOL, $2,665.52 today, +166.6%

Coinbase: 27.79 COIN, $2,028.11 today, +102.8%

Here’s a look at if an investor split the $1,000 evenly among the five assets shown to Cramer.

Bitcoin: $400.69

Ethereum: $289.82

Litecoin: $205.52

Solana: $388.89

Coinbase: $405.77

Total: $1,690.69, +69.1%

The $1,000 investment would be up 69.1% over the last 10 months, significantly beating the 7.9% return from the S&P 500.

Read Next: Exclusive: Why Does Cathie Wood Think Bitcoin Is Going To $1 Million, What Does She Know That We Don’t?

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga’s exclusive event: Future of Digital Assets. Tickets are flying: Get yours!

Photos: Shutterstock