Jim Cramer, a stock-collecting personality, recommended that the unknown winner of a $ 731 million Powerball jackpot on Wednesday should allocate 5% of their new fortune in bitcoin.
“You know what, if you won the lottery – Yes, I’m going to 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 at the weekend. “Crypto could be extremely 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 money plunged into bitcoin. Saylor has called bitcoin humanity’s ideal value storage mechanism.
Cramer, who has previously said he owns bitcoin, is hardly a Saylorean disciple of the cryptocurrency that Bloomberg’s Joe Wiesenthal claimed to be synonymous with religion. It has expressed concerns about the anonymity of the market and inconsistent trading in the past.
Cramer framed his recommendations, which also included allocations in art, real estate and physical gold alongside more mainstream plays such as stocks and bonds, as tailored for a very wealthy investor in a world dominated by hyperinflation.
“If you’re already rich, you have to worry about inflation the same way Superman is concerned about Kryptonite. Because this is the only thing that can really put you off. And given the way we spend as drunken sailors in this country, it could be a problem, ”says Cramer.