Mad Money host Jim Cramer has suggested that GameStop should convert its stores into “crypto-information palaces” as the electronics retail company surged about 200% in a few days. GameStop’s current trading price, $137.14, is an increase of nearly 49% over its previous close of $91.71. In the last five days, GameStop has grown more than 247%.
According to Cramer, GameStop can follow the steps of Square and PayPal, which offer crypto trading services. He said that all GameStop locations, a total of 3,447 as of January, could be converted into centers for crypto information. He added that crypto buyers could access the “crypto-information palaces” to buy or sell their digital assets. Speaking further, Cramer said that the crypto information stores could also offer users cryptocurrencies as gaming rewards.
While speaking on CNBC’s Squawk Box on the 25th of February, the Mad Money host said:
“If GameStop were to turn itself into a 5,000-store introduction to crypto…make it so that’s an international gaming place where you win Bitcoin, I think you can justify the stock price.”
In a tweet, Cramer suggested further that Ryan Cohen, GameStop’s largest investor, could convince the board to sell 10 million of the company’s shares at $200 and then use it to buy Bitcoin.
At press time, Bitcoin is down 0.37% to $39,050.96
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
