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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.
Von Tanzeel Akhtar
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.
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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
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