Stock-picking personality Jim Cramer recommended that the unknown winner of Wednesday’s $731 million Powerball jackpot allocate 5% of their newfound fortune in bitcoin.
“You know what, if you won the lottery – Yes, I’m gonna say it: 5% in Bitcoin,” Cramer said Thursday night on his Mad Money program.
His advice came with a few caveats: Don’t buy it all at once, don’t buy it on the weekend. “Crypto could be incredibly volatile,” he said on a day when bitcoin tanked 13%.
Cramer identified bitcoin as an “important new store of value.”
His words echoed the philosophy preached by MicroStrategy CEO Michael Saylor, the tech executive with well over $1 billion of corporate cash plunked into bitcoin. Saylor has called bitcoin humanity’s ideal value storage mechanism.
Cramer, who has said before that he owns bitcoin, is hardly a Saylorean disciple of the cryptocurrency Bloomberg’s Joe Wiesenthal claimed is tantamount to a religion. He has expressed concerns over market anonymity and erratic trading in the past.
Cramer framed his recommendations, which also included allocations in art, real estate and physical gold alongside more mainstream plays like stocks and bonds, as tailored for a super-rich investor in a world where hyperinflation reigns.
“If you’re already rich, you have to worry about inflation the same way Superman worries about Kryptonite. Because it’s the only thing that can really wipe you out. And given the way we’re spending like drunken sailors in this country, it may be an issue,” said Cramer.
