The American financier Anthony Scaracummi has He suggested that video game retailer GameStop should buy Bitcoin, the largest cryptocurrency by market cap.
The American financier Anthony Scaracummi has He suggested that video game retailer GameStop should buy Bitcoin, the largest cryptocurrency by market capitalization.
Earlier today, GameStop shares fell about 30% after revealing disappointing financial results and announcing its plan to issue more shares.
This was a sharp turnaround after GameStop shares soared nearly 50% due to a livestreamed announcement by a YouTube account believed to be related to prominent American financial analyst and investor Keith Gill (known colloquially as “Roaring Kitty”).
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Gill was supposed to celebrate becoming a paper billionaire on his livestream this Friday, but GameStop’s most recent poor performance stopped him.
The company also emphasized that the recent massive rally was not based on fundamentals, taking a not-so-veiled swipe at “Roaring Kitty.”
About half of Polymakers users were betting that Gill’s position in GameStop would reach the $1 billion mark.
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Gill, who rose to fame after spearheading the 2011 GameStop boom, reappeared on social media last month with cryptic posts that his followers persistently tried to decipher. As reported by U.TodayThere is some speculation that his recent antics could attract scrutiny from the U.S. Securities and Exchange Commission over market manipulation concerns.
GameStop and cryptocurrencies
After becoming a favorite of retail traders in early 2021, GameStop seems an obvious choice for speculative digital assets.
In May 2022, the company launched self-custodial wallets for cryptocurrencies and non-fungible tokens (NFTs). However, it subsequently abandoned them in August 2023 due to lack of regulatory clarity.
GameStop also launched its own NFT marketplace in June 2022, but also closed it earlier this year.
Since GameStop has abandoned its previous crypto efforts, it is unlikely to adopt Bitcoin as its reserve asset anytime soon.
