Cramer's Bitcoin Sell Call Ignites Contrarian Buying Spree

Jim Cramer announced on air that he plans to sell his Bitcoin holdings after IBM's chief executive, Arvind Krishna, warned about the potential for quantum computers to break the cryptography protecting it.

Krishna estimated that the security of crypto holdings would be at risk in three or four years, which prompted Cramer to state that he would sell his Bitcoin.

However, traders responded to the news by buying into the cryptocurrency, treating Cramer's call as a contrarian signal.

The Inverse Cramer Tracker ETF, launched by Tuttle Capital, tested this trade and lost 15.7% while the S&P 500 gained 25.4% over its run.