Gamestop (GME) is going to put Crypto even more central in his business strategy. During an interview with CNBC, CEO Ryan Cohen indicated that the company may accept crypto prices. He also clarified the motives behind the recent Bitcoin (BTC) purchase of the company.
Crypto as a means of payment for collective objects
In the interview, Cohen revealed that Gamestop is going to shift his focus from hardware sale to exchange cards and collective objects. Also great shift in which he does not exclude the use of crypto as a means of payment:
“There is a possibility to buy exchange cards with cryptocurrency. We will see how much demand there is really that kind of products.”
Although Gamestop is considering accepting Crypto in exchange for products, the company has not yet chosen specific crypto asset for this. Cohen indicates that the company is investigating all crypto currencies. “We’re going to look at all crypto currency,” he added.
It is not the first time that the company delves deeper into crypto. Previous attempts by Gamestop in the crypto world, such as an NFT marketplace and a crypto-wallet, were terminated due to regulatory care.
Gamestop buys Bitcoin
On May 28 this year, Gamestop bought 4,710 BTC, at the time worth more than 500 million dollars. The company thus joins a growing number of companies that use Bitcoin as a strategic property. Cohen emphasizes that this step should not be compared to the world’s largest listed Bitcoin holder Strategy:
“We have our own unique strategy, and have a very strong balance with more than $ 9 billion in cash and tradable effects. We will use that capital responsibly, as if it were my own money.”
According to him, the power of Crypto is mainly in the role as inflation protection. This has also been the reason behind the recent Bitcoin purchase of the company:
“The greatest application of crypto outside investments is as hedge against inflation. So far I think that has been the main motivation behind the demand for Crypto, and the possibility to actually use it in transactions is something we see as a chance and what we look at. We look for opportunities where the downward risk is limited and there is a lot upward potential.”
Although the GameStop (GME) share in February still increased by 18 percent after cryptuber air, the market responded moderately to recent statements. The share fell by more than 2 percent to 23.22 dollars on Tuesday, and rose slightly to $ 23.29 after the exhibition.
Meta: GameStop wants to look beyond its strategic Bitcoin reserve and considers crypto payments for exchange cards.
Source: https://newsbit.nl/beursgenoteerde-bitcoin-houder-gamestop-wil-cryptowereld-verder-induiken/
