Gamestop, the share of during the Pandemie a true phenomenon, rose by 18%yesterday because the company would consider buying Bitcoin. Before we immediately become enthusiastic about the next company that follows Micro Strategy, it is important to know that nothing is certain yet.
Gamestop is still thinking about it, but the increase of almost 20% will certainly be an extra piece of motivation.
Gamestop and Bitcoin
It could be an ideal combination: Gamestop and Bitcoin.
Gamestop is a gaming retailer, as we know it in the Netherlands with Game Mania. For a long time it was seen as a company with an outdated concept, a concept that was overtaken by the internet.
During the pandemic, Gamestop suddenly came back to the attention again, because a theory was shared on Wall Street Bets, a subforum on Reddit about a possible resurrection of the company.
Although many rich investors were short on the share, there were a few people who saw the future in Gamestop, and started sharing their theories about it. This created a madness in which “the common man” bought the share massively, and it effectively competed against the rich hedge funds that hoped that Gamestop would fall.
A bit of the David against Goliath story, which you could also stick on Bitcoin. After all, Bitcoin has been brought as “the answer” to corruption within the traditional financial system. A kind of silent protest from the people against a financial system that is causing more and more inequality.
In terms of feeling, Bitcoin and GameStop are a nice match, and we see that reflected in the reaction of the share, which shot up by 18% to 31 dollars, and then cooled to 28.36 dollars.
Is Michael Saylor involved in this idea?
Michael Saylor, the founder and former CEO of MicroSstratey, the company that collected nearly 500,000 Bitcoin, was recently in the photo with Gamestop CEO Ryan Cohen.
This naturally immediately created the idea that Michael Saylor might help devising a Bitcoin strategy for the company. However, two sources would have told CNBC that Saylor is in principle not involved in Gamestop’s plan to buy Bitcoin.
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Source: https://newsbit.nl/gamestop-18-omhoog-bedrijf-overweegt-bitcoin-te-kopen/
