Jim Cramer, the host of Mad Money, believes he has a solution that can save the troubled video game retailer Gamestop with the help of Bitcoin. He suggested that Gamestop should raise funds to buy cryptocurrency and then convert its 5,000 locations into Bitcoin stores. He believes that his ideas will work.
Jim Cramer has an idea to use Bitcoin to save Gametop
Mad Money Jim Cramer said on CNBC last week that he believes he has come up with a workable plan to help video game retailer Gametop (GME). He said his ideas will determine the company’s valuation. After the company announced the resignation of its chief financial officer, Jim Bell, Gamestop’s stock price soared by more than 100% last week.
His idea is to make Gametop “become a dealer of cryptocurrencies.” He pointed out that this is exactly what Square and Paypal did. He initially thought it “looks ridiculous” but then it was “okay.” Cramer is the host of “Mad Money” on CNBC and a former hedge fund manager who co-founded the financial website Thestreet.com.
Kramer also pointed out that Nvidia is launching a graphics card for encryption. “In the incredible Nvidia call last night, as a side note, they talked about March. [They’re] There will be some actual cards used only for encryption. For Nvidia, this is really not important, but it may be important for places like Gametop. He continued:
If Gamestop were to turn itself into a cryptocurrency introduction with 5,000 stores, then make it sell $1 billion worth of stock…and use it to buy cryptocurrency, and then make it an international gaming venue that wins Bitcoin, I think you can justify the stock price.
“And it doesn’t have to be Bitcoin. We can make it a cryptocurrency.” He clarified. “But by turning it into an encrypted information palace, you can play games from all over the world, without delay, you can play it.”
He told Gametop board member Ryan Cohen on Twitter, telling the board that “the board sold 10 million Gametop shares and bought bitcoin for $200, and said that Gametop is now a bitcoin store that also sells games.”
Cramer once proposed the idea of transforming the Gametop store into a Bitcoin empire. On February 5th, he tweeted:
Gamestop must be a Bitcoin palace with 5,000 stores. I can’t believe how brilliant it will be… They can sell stocks, buy a ton of bitcoins and continue to hold them. Call it Bitstop. Or Gamecoin.
He concluded: “I can’t make any other suggestions, but it is feasible.” “I feel this is the way to make this stock higher. I have no other way.”
Do you think Jim Cramer’s ideas are useful for Gametop? Let us know in the comments section below.
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