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Jim Cramer Tells GameStop to Buy Bitcoin Amid Latest Stock Surge
Cramer's comments came as GameStop shares spiked 100% in late trading.
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.
STORY CONTINUES BELOW
With GameStop shares up by 100% and 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..."
One last time: GME-issue one billion dollars in stock, Buy one billion in bitcoin and watch your stock go to $430... I wonder if Jim Bell objected to that plan.
— Jim Cramer (@jimcramer) February 24, 2021
MicroStrategy, Square, Tesla and others have recently been buying bitcoin as a hedge against inflation and a devaluing dollar. Cramer previously endorsed MicroStrategy's bitcoin treasury reserve and said he wouldn't bet against CEO Michael Saylor, whom he called a "gunner."
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 that were being shorted by hedge funds. When the Reddit group started buying, the stocks went up and 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 by the company.
In another tweet over the latest GME price rise, Cramer added, “This is so wild west [...] The SEC must be having a fit!!!”
Okay, Gamestop has another chance to sell equity. But it won't do it so we have to deal with this again. This is so wild west.. The SEC must be having a fit!!! Not the one on CBS, the one in Washington.
— Jim Cramer (@jimcramer) February 24, 2021
Read more: Jim Cramer Thinks ‘Every’ Corporate Treasurer Should Be Thinking Bitcoin
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
