The host of Crazy Money, Jim Cramer, provided some investment advice for the latest Powerball jackpot winner of $731.1 million. He suggested investing the 5% jackpot in Bitcoin along with several other investments such as gold and real estate.
Jim Cramer says to put 5% of the Powerball jackpot in Bitcoin
Last week someone won a Powerball jackpot worth about $731.1 million, which is one of the largest lottery prizes in American history. The winning lottery ticket was sold at Connie Market, a convenience store in Rhone Corning, Maryland. The store will receive a $100,000 bonus by selling tickets.
CNBC’s “Crazy Money” host Jim Cramer (Jim Cramer) offered some advice to the lucky winner on Friday. The former hedge fund manager also co-founded the financial website Thestreet.com.
Cramer provided a list of investments he recommended to the jackpot winners. It consists of precious metals, real estate, art, bitcoin, municipal bonds, and dividend-paying stocks.
For the winner of the Powerball jackpot, Kramer said: “When you are super rich like this, you are not worried about tax collectors. You have to worry about inflation, especially hyperinflation, which is the real threat to the nine. The only factor in digit wealth.”
He continued: “So, what is valuable during hyperinflation?” Kramer revealed: “You may not know, but this is precious metals, real estate and art.” Crazy money host has been a long time Gold supporter. He suggested: “As for gold, yes, accumulate 5% of the jackpot in gold bars.” However, he also warned: “Don’t keep gold bars at home, keep them in a safe.” Cramer added:
If you win the lottery, go ahead, yes, I am talking about 5% Bitcoin.
Kramer further suggested, without going into any details: “Don’t buy all at once, cryptocurrencies may fluctuate incredibly. Don’t buy them on weekends. But this is an important store of new value.”
In addition to recommending investments, Kramer also provided some general advice to the winners of the Powerball Awards, such as guarding against scammers, and collecting bonuses in a lump sum instead of an annuity. “It is always paid in one lump sum. You can paste it in a treasury bill, and the interest generated will be more than the benefit of using annuity.
Fearing about inflation, Kramer himself began to study investing in Bitcoin. In December of last year, he revealed that he had bought some bitcoins, but sold the cryptocurrency earlier this month. He said to treat BTC as a stock: “As I told people…If you have twice as many stocks, then please spend more money…it is no different from stocks.”
What do you think of Jim Cramer’s Bitcoin proposal? Let us know in the comments section below.
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