Gamestop decided to use cash money to buy Bitcoin. This news was enough to rise as 20 percent of Gamestop shares. However, Bitcoin critic Peter Schiff criticized this decision of Gamestop. Schiff said Bitcoin is still extremely valuable compared to GME.
Peter Schiff Gamestop criticized Bitcoin investment plan
Bitcoin critic and economist Peter Schiff expressed his doubts on the latest announcement of Gamestop on a possible Bitcoin acquisition. Schiff described this move as a “Hail Mary” of the company, which he claimed to be lacking a applicable business plan. In this context, Schiff wrote:
Gamestop, a company without a applicable business plan, announced another Hail Mary by announcing that it could use cash money to buy Bitcoin.
Bitcoin critic also established a parallel between the two as speculative beings, arguing that BTC was “even more expensive than GME. Meanwhile, many global companies began to adopt the decision to add Bitcoin to Microstrategy’s balance sheets. Over the past four years, this strategy has provided a lot of return to MSTR investors. Japanese company Metaplanet was included in Bitcoin. The company witnessed that the stock price increased by more than 4,000 %in less than a year. However, Peter Schiff said that if there is no power to be on the basis of the enterprise, it is not a good sign to adopt Bitcoin to increase the price price.
Will the breast GME share the rally?
Kriptokoin.comAs you followed, he ravaged the Wall Street in January 2021. So much so that in this process, he triggered the great games of the great Gamestop, which liquidated several hedge funds. At that time, the GME stock price rose from $ 5 to $ 80 in less than a month. Now that you can see another explosive rally in GME shares, since the video game is now considering adding bitcoin to the balance sheet. It should not be forgotten that the company is still in the evaluation phase for crypto investments and has not yet been concluded.
Ryan Cohen, CEO of Gamestop last weekend, shared a photo of Microstrategy, the founding partner and president of Microstrategy, the largest corporate owner of Bitcoin, in the social media platform X. However, sources familiar with the issue are not involved in Saylor’s debate on Potential Crypto Money Investments. In 2022, Gamestop made a wallet to manage crypto currencies and unchanged tokens (NFTs) and entered the crypto area. However, the company stopped this service in 2023 and demonstrated “regulatory uncertainty” as the reason for the closure.
