CNBC host Jim Cramer claims that Strategy co-founder Michae Saylor needs a strategic Bitcoin reserve in order to back him up.
Cramer has compared the idea of establishing the cryptocurrency reserve to the existing strategic petroleum reserve (SPR). The reserve is meant to reduce the impact of possible energy market disruptions.
The CNBC commentator believes that Saylor needs the reserve to safeguard his fortunes.
Yuri MolchanAs reported by U.Today, Saylor has repeatedly advocated for the establishment of a Bitcoin reserve. In fact, he once claimed that dumping gold for Bitcoin could serve the geopolitical interests of the US.
However, it seems like the US is not rushing to launch a Bitcoin reserve, with Polymarket bettors predicting only a 42% chance of this happening in 2025.
There are various state-level Bitcoin reserve initiatives, but some of them have already been rejected.
Bitcoin as an indicator of stocks
According to Cramer, one should follow Bitcoin to monitor the decline in various groups of stocks.
"It's the usual 'break Mister' - otherwise known as MicroStrategy game at work," he added.
The shares of Strategy are up by more than 2% over the past 24 hours. However, the stock is down by a whopping 24% over the past month alone.
Strategy's market cap has now shrunk to $64.5 billion after briefly surpassing $100 billion.
Vladislav Sopov
Dan Burgin