“Cryptocurrency will justify GameStop’s valuation”

CNBC host Jim Cramer believes GameStop’s share price could justify it by making it “an introduction to 5,000 cryptocurrency stores.”

GameStop Corporation (NYSE: GME) could be the Jim of crypto gaming, CNBC reported Thursday, Cramer said Thursday.

“Currency introduction for 5,000 coin stores, theirs is selling 10 worth of stock inventory… and buy cryptocurrencies with them, if currency, then it will be a gaming platform for international bitcoin platform currency platform Platform platform game Claire thinks the platform may be reasonable,”Moe reasoned.

“I can’t think of anything else, but this will work. It doesn’t have to be bitcoin. We can do this with all cryptocurrencies.”

Cramer claimed that if GameStop became a “cryptocurrency information site” and offered lag-free games globally, it would boost the credibility of GameStop investor and Chewy Inc. co-founder Ryan Cohen.

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The former hedge fund manager also pointed to the impending resignation of GameStop CFO Jim Bell, saying: “CFOs tend to have no bitcoin on their balance sheets. Maybe that’s what Jim Bell doesn’t want.”

Cramer called Cohen a “great thinker” and said, “I feel like this is the way to get this stock going. I can’t think of any other way.”

Why it matters: GameStop, AMC Entertainment Holdings Inc shares

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Progress was made through a short squeeze curated on Reddit’s r/WallStreetBets forum.

One prominent forum participant, “Deep F-ing Value,” praised by forum members for pointing out a short squeeze opportunity, told U.S. lawmakers that he likes GameStop’s stock.

“From what I understand, the market still hasn’t noticed GameStop’s unique opportunity in the gaming industry,” said the commentator, whose real name is Keith Partick Gill.

On Wednesday, Cramer called GameStop’s surge of more than 103 percent “a mockery” and asked, “Where is the government?”

Alma Angotti, a former SEC attorney, said he expected more interest from regulators.

“I think both Congress and the SEC will be looking at a balance between orderly markets and allowing people to invest in whatever they want for whatever reason they want to invest, even if it doesn’t make sense to us,” CNBC reported.”

Price Action: Shares of GameStop closed up nearly 18.6% at $108.73 on Thursday and were down 2.51% at $106 in after-hours trading.

CNBC host Jim Cramer believes GameStop’s share price could justify it by making it “an introduction to 5,000 cryptocurrency stores.”