CNBC Host Advised The American Who Won Lottery Worth $731 Million To Invest In Bitcoin
The host of the show Mad Money on CNBC, Jim Kramer, offered his investment strategy to the winner of the Powerball lottery, who won $731.1 million.
After the draw on Wednesday, the identity of the winner of the jackpot remain disclosed, it is known that the ticket was purchased in a small shop in Maryland. The state is one of the few where winners remain anonymous.
Kramer believes that the sixth-largest prize in the history of the lottery puts its owner in a strong position, and he does not need to take risks with the investment. But the problem of wealthy people is inflation, in particular — hyperinflation, Kramer added.
As one of the measures to invest his lottery, Kramer suggested investing 5% of it in Bitcoin. He also advised not to buy Bitcoin for the entire amount as it is highly volatile asset.
“This is an important new means of saving,” said the former hedge fund manager.
Kramer identified precious metals like gold, real estate, and art as hyperinflation-resistant assets. In them, he also called for investing 5% of the winnings. In his opinion, it is not necessary to invest more than 20% of the winning amount in the stock market.
The CNBC host owns some Bitcoins, which he bought at a rate below $18,000. According to him, digital assets do not occupy a large share in his portfolio.
Recall, a resident of Illinois invested in Bitcoin with half of the lottery amount of $500,000. He purchased the top cryptocurrency in May 2019 and intended not to touch the asset for at least five years.
Originally published at https://thecryptobasic.com on January 25, 2021.