Mad Money host Jim Cramer believes he has a solution to using Bitcoin to save problematic video game retailer Gamestop. He suggests that Gamestop raise money to buy the cryptocurrency and then convert its 5,000 locations into bitcoin stores. He believes his idea will work.
Jim Cramer came up with the idea of using Bitcoin to store Gamestop
Mad Money Jim Cramer said on CNBC last week that he believes he has developed a viable plan to help video game retailer Gamestop (GME). He said his idea would correct the company’s valuation. Gamestop stock surged over 100% last week after the company announced that its CFO Jim Bell was stepping down.
His idea is for Gamestop to “become a crypto dealer”. He noted that this is what Square and Paypal are doing, which he initially thought was “ridiculous”, but then “it was fine”. Cramer is the host of Mad Money at CNBC and a former hedge fund manager who co-founded the financial website Thestreet.com.
Cramer also pointed out that Nvidia designed graphics cards for crypto. “Last night, on the incredibly good Nvidia phone call, they talked about March as a side note. [They’re] I will have some real cards just for crypto. It really won’t be important for Nvidia, but it could be important for a place like Gamestop, ”said the Mad Money host. He continued:
If Gamestop turned itself into an introduction to crypto with 5,000 stores, make it so that it sells $ 1 billion worth of stocks … and buy crypto with it, then make it an international one Venue is where you win bitcoin I think you can justify the stock price.
“And it doesn’t have to be Bitcoin. We can do it crypto, ”he clarified. “But turn it into a crypto information palace and you have global games, no latency, you play it.”
He tweeted telling Gamestop board member Ryan Cohen to “tell the board to sell 10 million shares of Gamestop for $ 200 and buy bitcoin, and Gamestop is now a bitcoin store that also sells games.”
Cramer put the idea of turning Gamestop stores into a Bitcoin empire into action earlier. On February 5, he tweeted:
Gamestop has to be a Bitcoin palace with 5,000 stores. I can’t believe how brilliant that would be … you can sell stocks, buy a ton of bitcoin, and just hang on. Let’s call it Bitstop. Or Gamecoin.
“I couldn’t think of anything else, but it works,” he concluded. “I feel like this is the way to get this stock higher. I can’t think of any other way. “
Do you think Jim Cramer’s idea will be good for Gamestop? Let us know in the comments below.
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