Jim Cramer recommended the undisclosed winner of the $ 731 million Powerball jackpot in Maryland on Wednesday to invest 5% of his newfound fortune in Bitcoin.
“You know what if you won the lottery? Yeah, I’ll say it: 5% in Bitcoin,” Cramer said on Thursday night in his Mad Money program.
Of course, his investment advice came with some restrictions: don’t buy Bitcoin all at once, don’t buy it on the weekend. “Crypto could be incredibly volatile,” he said on the day Bitcoin fueled 13%.
Cramer identified Bitcoin as “an important new store of value”.
His words reflected the philosophy preached by Michael Saylor, CEO of MicroStrategy, the tech manager with well over $ 1 billion in corporate money poured into Bitcoin. Saylor has named the ideal value storage mechanism for Bitcoin mankind.
Cramer, who owns Bitcoin, is not exactly a Saylor-like student of the cryptocurrency that some have claimed is synonymous with a religion. Cramer has raised concerns about the anonymity of the market and unpredictable trading on his CNBC show in the past.
Cramer made his recommendations, which included more mainstream games like stocks and bonds, as well as allocations in art, real estate, and physical gold tailored to a super-rich investor in a world where hyperinflation reigns.
“If you are already rich, you must be just as concerned about inflation as Superman is about Kryptonite. Because it’s the only thing that can really wipe you out. And given the way we spend like drunken seafarers in this country, this could be a problem, “Cramer said.
