Jim Cramer, host of Mad Money, said last week that GameStop should become a place where crypto investors can find Bitcoin.
The solution that will save GameStop’s life?
On February 24, Jim Cramer explained on Twitter that GameStop’s problems are solved simply by issuing a billion dollars in shares and, with it, acquiring a billion in Bitcoin.
Cramer basically advised GameStop to invest in Bitcoin. Nonetheless, it is worth explaining where Cramer’s advice came from.
«If GameStop became an introduction to cryptocurrencies, have them sell $ 1 billion worth of stocks and buy cryptocurrencies with them, and then make it an international gaming venue where Bitcoin is earned, I think it can justify the price of the stock.“He explained according to CNBC.
As explained last week by InWhatInvest, Bloomberg reported that Jim Bell was removed from his position as Chief Financial Officer of GameStop. Apparently, Bell was fired to move the company in a direction consistent with Ryan Cohen’s ideas.
In fact, the Bloomberg report explains that Cohen wants to transform GameStop into an e-commerce company. Immediately after the announcement, GameStop shares rose 100%.
Bitcoin and cryptocurrencies are the most viable option
Therefore, in this context, Cramer told CNBC that he believes he has come up with a viable plan for GameStop that will improve the company’s valuation.
Cramer’s plan is for GameStop to “become a cryptocurrency dealer.” In fact, he assured that by investing in Bitcoin, the company would see its share price skyrocket to $ 430.
It is worth mentioning that according to Yahoo Finance, GME’s share price is currently at USD 104. Therefore, Cramer’s plan ensures an increase of approximately 314%.
But, in addition, Cramer assured that it does not necessarily have to be Bitcoin, but that it can be any cryptocurrency. Ultimately the goal is for GameStop to become a place where you play and win crypto.
It is also worth mentioning that Cramer speculated during the CNBC segment that Jim Bell would have left the company as a result of Ryan Cohen finding himself pushing for an investment related to Bitcoin or crypto.