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GameStop can justify its assessment by turning it into an ‘introduction to 5,000 store encryption’, says Cramer
CNBC host Jim Cramer said on Thursday that GameStop Corporation (NYSE: GME) could justify its share price by becoming a cryptocurrency game. What happened: The host “Mad Money” made references to other companies like Paypal Holdings Inc (NASDAQ: PYPL) and Nvidia Corporation (NASDAQ: NVDA), both linked in one way or another to the cryptocurrency at the time. “If GameStop were to become an introduction to cryptography in 5,000 stores, make them sell $ 1 billion in stock … and buy crypto with it, and then make it an international gaming place where you win bitcoin, I think you can justify the stock price, ”theorized Cramer. “I couldn’t think of anything else, but it works. And it doesn’t have to be bitcoin. We can make it cryptographic. ”See also: How to Buy GameStop (GME) Stock Cramer said that if GameStop became a“ cryptographic information place ”and had world games without latency, that would increase the credibility of GameStop investor and Chewy Inc. (NYSE : CHWY) co-founder Ryan Cohen. Former hedge fund manager also pointed to the next resignation of GameStop CFO Jim Bell and said, “CFOs, they tend not to have bitcoin on their balance sheets. Maybe Jim Bell, that’s what he didn’t want. “Cramer called Cohen a” great thinker “and said,” I have a feeling this is the way to increase stocks. I can’t think of any other way. “Why it matters: The shares of GameStop, AMC Entertainment Holdings Inc (NYSE: AMC), BlackBerry Ltd (NYSE: BB) and Nokia Oyj (NYSE: NOK) were driven by a small squeeze by the Reddit r / WallStreetBets forum. A notable forum author – “Deep F — ing Value” – who was credited by forum members for pointing out the small opportunity for tightness told U.S. lawmakers that he likes GameStop’s actions. “As far as I can tell, the market remains oblivious to GameStop’s unique opportunity within the gaming industry,” said the poster whose real name is Keith Partick Gill. On Wednesday, Cramer called the more than 103% increase in GameStop shares “a mockery” and asked, “Where is the government?” Alma Angotti, a former lawyer for the Securities and Exchange Commission, said that increased interest from regulators can be expected. “I think that both Congress and the SEC will be studying the balance between ordered markets and allowing people to invest whatever they want for whatever reason they want to invest, even if it doesn’t make sense to us,” reported CNBC. Price action: GameStop shares closed almost 18.6% higher at $ 108.73 on Thursday and fell 2.51% to $ 106 in the after-hours session. For news coverage in Italian or Spanish, check out Benzinga Italia and Benzinga España. Photo courtesy of: EPIC via Wikimedia See more of BenzingaClick here for options trading in BenzingaTesla. Stock performance and WallStreetBets mentions have a ‘real’ connection: BarclaysWhy AMC Stocks up 20% today © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.