Jim Cramer, the U.S. TV investment commentator, said the price of bitcoin could hit $1 million because of companies stockpiling bitcoin to pay off ransomware. The CNBC host was agreeing to a recent comment by Business Insider CEO Henry Blodget, who predicted bitcoin could hit $1 million.
“I think it could because the European banks are frantically trying to buy them so they can pay off ransomware. It’s a short-term way to be able to deal with cybersecurity. It is the way to pay off the bad guys,” Cramer said.Speaking on his show, “Squawk on the Street,” Cramer said he believes the price could get as high as Blodget predicted.
“It’s global… although no intrinsic value, limited supply, as Henry Blodget told us the other day, it could literally go to a million dollars,” one of Cramer’s co-hosts agreed.