Jim Cramer rescues Gamestop!
Mad Money host Jim Cramer thinks that he has a solution to save the troubled video game retailer Gamestop with the help of Bitcoin. He advises that Gamestop should raise money to purchase the cryptocurrency, and then convert its 5,000 locations into bitcoin stores. He is confident that this idea might work.
He said that his idea will fix the company’s valuation. The Gamestop stock surged by over 100% last week after the company announced that its CFO Jim Bell will step down.
This idea is for Gamestop to “become a dealer in crypto.” He then noted that it is what Square and Paypal are doing, which he basically thought “seemed ridiculous” but then it “was ok.”
Cramer also emphasized that Nvidia is coming up with a graphics card for crypto “Last night on the unbelievably good Nvidia call, as a side note, they talked about March. [They’re] going to have some actual cards just for crypto. It really won’t be important for Nvidia, but it could be important for a place like Gamestop,” the Mad Money host described. He continued:
He tweeted to Gamestop board member Ryan Cohen to say “the board to sell 10 million shares of Gamestop at $200 and buy bitcoin and say Gamestop is now a bitcoin store that also sells games.”
Cramer has made the idea of turning Gamestop stores into a bitcoin empire in the past. Last February 5, he tweeted:
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