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Scaramucci: GameStop should buy Bitcoin
Alex Dovbnja
GameStop has abandoned its previous cryptocurrency ventures
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The American financier Anthony Scaracummi did it suggested that video game retailer GameStop should buy Bitcoin, the largest cryptocurrency by market capitalization.
Today, GameStop shares tumbled about 30% after it revealed disappointing financial results and announced its plan to issue more shares.
It was a sharp turnaround after GameStop shares surged nearly 50% due to a livestream announcement from a YouTube account believed to be related to famed American financial analyst and investor Keith Gill (colloquially known as “Roaring Kitty”).
Gill was supposed to celebrate becoming a paper billionaire on his live stream this Friday, but GameStop’s latest underperformance has put an end to that.
The company also pointed out that the recent massive rally was not based on fundamentals, not-so-subtly taking a dig at “Roaring Kitty.”
About half of Polymakers users were betting that Gill’s position in GameStop would reach the $1 billion mark.
Gill, who rose to fame after leading the GameStop bonanza in 2011, resurfaced on social media last month with cryptic posts that his followers persistently tried to decipher. AS reported by U.Todaythere is speculation that his recent antics could attract scrutiny from the US Securities and Exchange Commission due to concerns about market manipulation.
GameStop and cryptocurrency
After becoming the darling of retail traders in early 2021, GameStop seems like an obvious fit for speculative digital assets.
In May 2022, the company launched self-custody wallets for cryptocurrencies and non-fungible tokens (NFTs). However, it subsequently abandoned them in August 2023 due to a lack of regulatory clarity.
GameStop also launched its own NFT marketplace in June 2022, but it also shut down earlier this year.
Given that GameStop has abandoned its previous cryptocurrency efforts, it is unlikely to adopt Bitcoin as a reserve asset anytime soon.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.