CNBC host Jim Cramer believes retailer GameStop (GME) – the company at the center of the recent short selling trading frenzy – should invest in bitcoin.
With shares in the company up by 100%, Cramer tweeted: “GME–give one billion in stock, then buy one billion in bitcoin and see your stock reach $430…”
Tesla, MicroStrategy, Square, and other companies have been purchasing bitcoin as a planned hedge against inflation and a decreasing dollar.
Cramer has recently endorsed MicroStrategy’s bitcoin buy and said he would not bet against CEO Michael Saylor, whom he said was a “gunner.”
Earlier this month, GameStop sky-rocketed as traders inside of Reddit’s r/WallStreetBets bought the stock while it was being shorted by large wall-street hedge funds.
When the group started the buying, the stocks increased and some hedge funds lost billions.
This week, it came out that GameStop CFO Jim Bell had left his position for reasons not disclosed.
In yet another tweet about GME, Cramer said, “This is like the wild west […] The SEC must be freaking out!”