Jim Cramer Advises a 5% Investment in BTC to Protect Your Wealth from its Kryptonite, ‘Inflation’
Mad Money host Jim Cramer recommends making a 5% investment in Bitcoin.
Jim Cramer made this recommendation during his program on Thursday night to the unknown Maryland-based winner of the $731 million Powerball jackpot.
“You know what, if you won the lottery – Yes, I’m gonna say it: 5% in Bitcoin,” said Cramer, who himself owns some BTC. However, he further advised not to buy all the Bitcoin at once or buy it on the weekend.
“Crypto could be incredibly volatile,” he said on the day the price of Bitcoin dropped just under $29,000, marking an approximately 30% pullback from an all-time high of $42,000 in early January.
The stock picking personally described the leading cryptocurrency as an “important new store of value.” Cramer said,
“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.”