Jim Cramer to U.S. Lottery Winner: Put 5% of $731.1 Million Jackpot into Bitcoin

Last Thursday (January 21), former hedge fund manager Jim Cramer, the host of CNBC show “Mad Money w/ Jim Cramer“, gave some interesting advice to the owner(s) of the winning Powerball ticket, which is worth $731.1 million.

Powerball is “an American lottery game offered by 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.” It is “coordinated by the Multi-State Lottery Association (MUSL), a nonprofit organization formed by an agreement with lobbyists and US corporations.” Since 7 October 2015, Powerball has “used a 5/69 (white balls) + 1/26 (Powerballs) matrix from which winning numbers are chosen, resulting in odds of 1 in 292,201,338 of winning a jackpot per play.”

Last Thursday (January 21), CNBC reported that after “growing for four months with no big winner,” the top prize was won on January 20 and that the winning lottery ticket had been purchased in the state of Maryland, which allows the winner to remain anonymous and gives them six months to claim their jackpot.

Later that day, according to CNBC, Cramer, who is also a co-anchor of CNBC’s “Squawk on the Street“, as well as a co-founder of financial news website TheStreet, offered some investment advice to the owner of the $731.1 million winning ticket:

“If you’re already rich, you have to worry about inflation the same way Superman worries about Kryptonite because it’s the only thing that can really wipe you out. Given how we’re spending like drunk sailorsin this country, it may be an issue. So what holds value during periods of hyperinflation? You may not know this, but it’s precious metals, real estate, and great art…

“If I won the lottery, I would actually hit up a place like Sotheby’s and grab a Picasso, a Cézanne, … Jackson Pollock’s fine… As for real estate Sotheby’s has some perfect looking places… The point is they’re buying insurance against hyperinflation…

“As for gold, yes 5% [of] jackpot into bullion. Don’t store the billion at home. Put it in safety deposit boxes at different banks, nothing almost sending some overseas. And you know what? If you won the lottery, go ahead yeah, so I’m gonna say it, 5% in Bitcoin. Don’t buy it all at once. Crypto could be incredibly volatile. Don’t buy in the weekend, but it’s an important new store of value.“

Source: Read Full Article