Influential market commentator Jim Cramer expressed his approval of GameStop Corp.‘s (NYSE:GME) newly announced Bitcoin (CRYPTO: BTC) treasury strategy on Tuesday.
What Happened: Cramer took to X to share his views on the video game retailer amending its investment policies to add Bitcoin, the world’s largest cryptocurrency by market capitalization, to its reserves.
“Gamestop is finally doing my bitcoin ploy!” said Cramer, implying that the company acted on a concept that he previously advocated for.
Why It Matters: It’s worth noting that Cramer, host of CNBC’s popular Mad Money show, indeed urged investors back in January to include Bitcoin in their portfolios.
Previously, he endorsed the apex cryptocurrency as a safeguard against government overspending and increasing national debt.
However, his picks often move in the opposite direction, and he is perceived by many as an inverse indicator, a phenomenon so well known that it even inspired the creation of the Inverse Cramer ETF in 2022. There has been no definitive proof of this being a profitable strategy, though.
Even GameStop CEO Ryan Cohen saw the funny side in Cramer’s remark, responding with a laughing emoji.
Price Action: As things stand, Bitcoin has barely moved since Cramer’s post. As of this writing, it traded at $87,325.25, up 0.48% in the last 24 hours, according to data from Benzinga Pro.
Photo by s_bukley on Shutterstock
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
