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Mad Money host Jim Cramer provided investment advice for the latest winner of the $ 731.1 million Powerball jackpot. He recommends putting 5% of the jackpot in bitcoin alongside several other investments, such as gold and real estate.
Jim Cramer says he 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 US history. The winning ticket was sold at Coney Market, a convenience store in Lonaconing, a city in Maryland. The store will receive a bonus of $ 100,000 for the sale of the ticket.
Jim Cramer, host of Mad Money on CNBC, offered the lucky winner some advice on Friday. The former hedge fund manager also co-founded the financial site Thestreet.com.
Cramer provided a list of investments he recommends for the jackpot winner. It consists of precious metals, real estate, art, bitcoin, municipal bonds, and dividend-paying stocks.
For the Powerball jackpot winner, Cramer said, “When you’re super rich like that, your main concern is not the taxman. You have to worry about inflation, especially hyperinflation, it’s the one thing that can really threaten nine-figure fortune.
He continued, “So what is valuable during times of hyperinflation?” Cramer revealed, “You might not know it, but it’s precious metals, real estate, and high art.” The host of Mad Money has long been a supporter of gold. He advised: “As far as gold goes, yes, a 5% bullion jackpot.” However, he also warned, “Don’t store the bullion at home, put it in safes.” Cramer added:
If you won the lottery go for it, yes I will say 5% in bitcoin.
Cramer further suggested without going into detail, “Don’t buy everything at once, crypto could be incredibly volatile. Don’t buy on weekends. But it is an important new store of value. “
In addition to recommending investments, Cramer also provided general advice to Powerball jackpot winners, such as watching out for scammers and collecting their winnings as a lump sum rather than annuities. “Always take the lump sum. You can stick it in treasury bills and the interest you earn will earn you more than if you took the annuity, ”the host of Mad Money said.
Cramer himself began to consider investing in BTC due to concerns about massive inflation. In December, he revealed he had bought bitcoin but sold the cryptocurrency earlier this month. He said to treat BTC like a stock: “As I tell people… if you have a double, take a lot out… It’s just no different from a stock.”
What do you think of Jim Cramer’s Bitcoin advice? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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