Jim Cramer Tells $731M Powerball Winner to Put 5% in Bitcoin

The "Mad Money" host picked bitcoin as one of his hedges against the specter of hyperinflation.

AccessTimeIconJan 22, 2021 at 7:52 p.m. UTC
Updated Aug 19, 2021 at 6:46 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Stock-picking personality Jim Cramer recommended the unknown Maryland-based winner of Wednesday's $731 million Powerball jackpot allocate 5% of his or her newfound fortune in bitcoin.

  • Verification of C31-2114 Video episode
    1:02:33
    Verification of C31-2114 Video episode
  • Video for 3.59.0 release; does it work?
    46:23
    Video for 3.59.0 release; does it work?
  • Regression 3.57.0 episode
    10:22
    Regression 3.57.0 episode
  • Regression for 3.55.0 release - all about bitcoin
    1:49:00
    Regression for 3.55.0 release - all about 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 investment advice, of course, came with a few caveats: Don't buy the bitcoin all at once, don't buy it on the weekend. "Crypto could be incredibly volatile," he said on the day 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 owns bitcoin, is not exactly a Saylor-like disciple of the cryptocurrency some have claimed is tantamount to a religion. Cramer has expressed concerns over market anonymity and erratic trading on his CNBC show 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.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.