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CNBC TV host Jim Cramer thinks videogame retailer

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Birch69696969   Thursday, 02/25/21 08:36:20 AM
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CNBC TV host Jim Cramer thinks videogame retailer GameStop (GME) – the firm at the heart of the recent WallStreetBets-led retail trading frenzy – should buy bitcoin.

Coming as GameStop shares have again surged by 100%, closing at $91.71 in the final hours of trading on Wednesday, Cramer tweeted: “GME-issue one billion dollars in stock, Buy one billion in bitcoin and watch your stock go to $430…”

Firms such as MicroStrategy, Square, and Tesla have recently been purchasing bitcoin as a hedge against inflation and a devaluing dollar. Cramer has previously endorsed MicroStrategy’s bitcoin treasury reserve and called its CEO, Michael Saylor, a “gunner” he wouldn’t bet against.

Related: Bitcoin Outflows From Coinbase Suggest Institutions Are Buying the Dip

Earlier this month, Gamestop’s stock price rose sharply as groups of retail traders led by Reddit group r/WallStreetBets bought its stock, and others. As a result, some short sellers lost billions of dollars. On Tuesday, it emerged that GameStop CFO Jim Bell – referenced in Cramer’s tweet – had resigned for reasons not disclosed.

In another tweet over the latest GME price rise, Cramer added, “This is so wild west.. The SEC must be having a fit!!!”

Bitcoin is the best thing to buy.

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