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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.
Updated Sep 14, 2021, 12:17 p.m. Published Feb 25, 2021, 11:07 a.m.
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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.
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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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Bitcoin holds near $68,000 as volatility cools, WLFI jumps ahead of Mar-a-Lago forum
Bitcoin trades in a tight range as derivatives stabilize and altcoins show pockets of strength ahead of key macro cues and a high-profile crypto event.
Ano ang dapat malaman:
- Bitcoin is up 0.9% on Wednesday to around $68,000, holding between $65,100 and $72,000 since Feb. 6 as volatility and funding rates cool.
- Open interest sits at $15.5 billion, funding rates are flat to slightly negative, and options skew has eased, signaling a more balanced market.
- The Trump-backed WLFI token has surged nearly 19% in 24 hours ahead of a Mar-a-Lago crypto forum, while MORPHO extends its weekly rally.
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