Jim Cramer recommended the undisclosed winner of the $ 731 million Powerball jackpot in Maryland on Wednesday to invest 5% of his newfound fortune in Bitcoin.
“You know what if you won the lottery? Yeah, I’ll say it: 5% in Bitcoin,” Cramer said on Thursday night in his Mad Money program.
His investment advice was of course associated with some restrictions: Do not buy the Bitcoin all at once, not on the weekend. “Crypto could be incredibly volatile,” he said on the day Bitcoin fueled 13%.
Cramer identified Bitcoin as “an important new store of value”.
His words reflected the philosophy preached by Michael Saylor, CEO of MicroStrategy. Saylor has named the ideal value storage mechanism of the Bitcoin mankind.
Cramer, who owns Bitcoin, is not exactly a Saylor-like student of the cryptocurrency that some have claimed is synonymous with a religion. Cramer has raised concerns about the anonymity of the market and unpredictable trading on his CNBC show in the past.
Cramer made his recommendations, which included more mainstream games like stocks and bonds as well as allocations in art, real estate, and physical gold tailored to a super-rich investor in a world where hyperinflation reigns.
“If you’re already rich, you have to worry about inflation as much as Superman about Kryptonite. Because it’s the only thing that can really wipe you out. And given the way we spend like drunken sailors in this country, this could be a problem, ”said Cramer.