Mad Money host Jim Cramer provided some investment advice aimed at the last winner of the $ 731.1 million Powerball jackpot. He recommends placing 5% of the jackpot in bitcoin alongside several other investments, such as gold and real estate.
Jim Cramer claims to put 5% of the Powerball Jackpot in Bitcoin
Someone won a Powerball jackpot worth an estimated $ 731.1 million last week, which was one of the biggest lottery prizes in the history of the United States. The winning ticket was sold at Coney Market, a convenience store in Lonaconing, a city in Maryland. The store will receive a $ 100,000 bonus for ticket sales.
Jim Cramer, the host of Mad Money on CNBC, gave the happy winner some advice on Friday. The former hedge fund manager also co-founded the financial site Thestreet.com.
Cramer provided a list of investments that he recommends for the jackpot winner. It consists of precious metals, real estate, art, bitcoin, municipal bonds and stocks that pay dividends.
To the Powerball jackpot winner, Cramer said: “When you are super rich like that, your main concern is not the tax collector. You have to worry about inflation, specifically hyperinflation, which is the only thing that can really threaten the nine-digit fortune. “
He continued, “So, what is of value during periods of hyperinflation?” Cramer revealed: “You may not know this, but they are precious metals, immovable and great art”. The presenter of Mad Money has long been an advocate of gold. He advised: “As for gold, yes, 5% gold jackpot”. However, he also warned: “Do not store the gold bars at home, put them in safes”. Cramer added:
If you won the lottery, go ahead, yes, I will say, 5% in bitcoin.
Cramer suggested without going into any details: “Don’t buy everything at once, encryption can be incredibly volatile. Don’t buy over the weekend. But it is an important new deposit of value.
In addition to recommending investments, Cramer also provided some general advice for Powerball jackpot winners, such as beware of scammers and collecting your winnings as a lump sum instead of annuities. “Always take the full amount. You can put it in treasury bills and the interest you accumulate will pay off more than if you took the annuity, ”said the host of Mad Money.
Cramer himself began to study the possibility of investing in BTC due to concerns about massive inflation. In December, he revealed that he bought some bitcoin, but sold the cryptocurrency earlier this month. He said to treat BTC as an action: “As I tell people … if you have a double, take a lot … It’s no different than an action.”
What do you think of Jim Cramer’s bitcoin advice? Let us know in the comments section below.
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