Jim Cramer, a stockbroker, recommended the unknown winner in Maryland that his $ 731 million Powerball jackpot allocate 5% of his or her newfound fortune in bitcoin on Wednesday.
“You know what if you won the lottery – Yes, I say it: 5% in bitcoin,” Cramer said on his Mad Money program on Thursday night.
His investment advice obviously has some caveats: don’t buy bitcoin at the same time, don’t buy it over the weekend. “Crypto can be incredibly volatile,” he said on the day bitcoin drank 13%.
Cramer has identified bitcoin as an ‘important new value store’.
His words reflect the philosophy of MicroStrategy CEO Michael Saylor, the technical executive with more than $ 1 billion in corporate cash poured into bitcoin. Saylor called bitcoin humanity’s ideal value storage mechanism.
Cramer, who owns bitcoin, is not exactly a Saylor-like disciple of the cryptocurrency that some claim is tantamount to a religion. Cramer has in the past expressed his CNBC show concern about market anonymity and volatile trading.
Cramer compiles his recommendations, which also include allocations in art, real estate and physical gold, along with more general plays such as stocks and bonds, tailored for a super-rich investor in a world where hyperinflation reigns.
‘If you’re already rich, you need to worry about inflation, just as Superman worries about Kryptonite. Because that’s the only thing you can really erase. And given the way we spend like drunken sailors in this country, that can be a problem, ‘Cramer said.