Prominent market analyst Jim Cramer voiced his support for GameStop Corp.‘s GME recently introduced Bitcoin BTC/USD treasury strategy on Tuesday.
What Took Place: Cramer took to X to express his thoughts on the video game retailer revising its investment policies to include Bitcoin, the leading cryptocurrency by market cap, in its reserves.
“Gamestop is finally implementing my bitcoin strategy!” remarked Cramer, indicating that the company followed a suggestion he had previously made.
Significance: It’s important to mention that Cramer, the host of CNBC’s popular Mad Money program, indeed encouraged investors in January to add Bitcoin to their investment portfolios.
Previously, he promoted the leading cryptocurrency as a shield against government fiscal irresponsibility and rising national debt.
Nonetheless, his recommendations often tend to influence market movements in the opposite direction, leading many to view him as a contrary indicator. This phenomenon was significant enough to inspire the creation of the Inverse Cramer ETF in 2022, although there is no solid evidence that it has been a lucrative strategy.
Even GameStop CEO Ryan Cohen found humor in Cramer’s statement, replying with a laughing emoji.
Market Activity: Currently, Bitcoin has seen minimal movement since Cramer’s announcement. At the time of writing, it was priced at $87,325.25, reflecting a 0.48% increase over the last 24 hours, as per data from Benzinga Pro.
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Disclaimer: This content was partially created with the assistance of Benzinga Neuro and underwent review and publication by Benzinga editors.
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