The cryptocurrency market and its peripherals are no strangers to speculation and being a major focus of the rumor mills. However, as the years have passed, the industry has been recognized as a major part of economic movement.
This was again proven when Jim Cramer of CNBC’s Mad Money Fame discussed the top stock picks available on Robinhood, one of the world’s most popular cryptocurrency investing platform. Although he did no outrightly endorse the stocks or the application, Cramer claimed that the stocks were ripe for speculation.
Cramer’s comments came a day after interviewing Robinhood CEO Vlad Tenev where the two officials discussed trending picks as well as the future of the financial markets. The CNBC host is known for his intense take on the financial markets and usually informs listeners on the pros and cons of any investment. Post the discussion with Tenev, Cramer proceeded to rate the highest-rated stocks on Robinhood.
According to the CNBC host, almost all the top stocks were an intriguing bunch with the potential to help investors grow their holdings. He added that the stocks were not perfect but if the given time they could generate returns in a controlled fashion. Robinhood mostly caters to the millennial crowd and Cramer recognized that. He reiterated that the investors need to be careful no matter how solid the stock looks.
The CNBC host’s chosen list of stocks included traditional investments as well as new age stocks. Innovio Pharmaceuticals was one of the newer companies that were making strides in the space. Cramer pointed out that investors should always own one speculative stock and that becomes more important if the investor is young. This was a method of discovering the latest stocks that could boom in the future.
A traditional stock that also came on Robinhood’s roster was Ford with Cramer stating:
“I have to believe this is all about bargain hunters taking advantage of a stock that’s down close to 50% for the year, and they like these $5 stocks. I think that’s a mistake. The stock might be worthless if the company runs out of money.”
Industries related to medical marijuana and cannabis have also become popular over the past couple of years. Remove the stigma associated with it and once could see the thriving economy that can be built from investing in the cannabis industry. Robinhood also recognized this factor and added that Aurora Cannabis was a bright spark in the current economy. Cramer informed people that a possible Democratic sweep in November followed by marijuana legalization could start the next wave of growth.
The other traditional stocks as recommended by Robinhood included Disney, Microsoft, General Electric and Boeing. During his show, Cramer stated that Disney was a brilliant buy with a key interest point for younger customers. Disney’s market value has gone up in recent times especially after creating an entertainment behemoth.
Elon Musk’s Tesla came in at number 10 on Robinhood’s and Cramer’s list. The financial analyst was surprised that the stock did not breach the top 3 ranks as it was one of the more popular car companies in the world right now. Seeing that a majority of Robinhood’s 10 million users were millenials, it made sense to bet on a Tesla as a future commodity.