GameStop May Buy Bitcoin, Stock Price Bounces Dramatically
GameStop is considering investing in Bitcoin, and the news has begun to affect its share price. CEO Ryan Cohen recently posted a photo with Microstrategy’s Michael Saylor, whose company may be the blueprint.
GameStop has previously tried to use its Web3 marketplace NFT Marketbut it turned out to be unsuccessful. Bitcoin is completely unrelated to its core business model and may significantly change the company, but its revenue will keep it growing.
Ostensibly a gaming and e-retailer, GameStop has changed a lot in the past few years. After a steady decline in income, Reddit-driven stock squeeze In 2021, a legendary stock pump was brought. This event Restored company leadershipprompts for new Web 3-oriented business solutions Like NFT market.
However, GameStop’s momentum cannot last forever. The company fired CEO Matthew Furlong In 2023 and Its NFT market closed the next January.
But today, GameStop is ready to take a real fundamental step: investing in Bitcoin. According to publication rumorthe company may soon be able to invest in IT and other cryptocurrencies. The news quickly had a significant impact on its share price.
The price of Bitcoin It has been very optimistic in recent months, but this does not fully explain GameStop’s decision. Although the recent geopolitical decision by Trump triggered a reckoning, Bitcoin begins to stabilize.
Given that BTC is still below $100,000, analysts predict that prices will be much higher by the end of the year, GameStop will be the best time to add Bitcoin to its portfolio. This decision seems to be somewhat Inspired Author by Michael Saylor of Microstrategy.
Before buying Bitcoin, MicroStrategy was very similar to GameStop. Saylor saw revenues dry up from its traditional business model and made a dramatic gambling on BTC.
this BET paid a lot of rewardsRecently Seller Rename the company to the prominent Bitcoin logo.
“Gamestop, a company with no viable business plan, announced that it may use cash to Buy Bitcoin. Ironically, Bitcoin is more expensive than GME. Regardless; anyway, speculators are buying the stock, hoping it will be another MST,” wrote anti-Criputo advocate Peter Schiff.
In other words, Saylor’s Bitcoin reshaping could be used as a blueprint for GameStop. The company tried to adapt to Web3 market opportunities when entering the NFT market, but that wasn’t enough. Many of its NFTs are game-themed, which proves to be a niche. However, Bitcoin has nothing to do with the old business model.
Dedicating to the Bitcoin-first strategy can completely change GameStop’s revenue model. MicroStrategy’s pivot is completely converted to BTC. Even Tesla is one of the world’s largest tech companies, with significant changes due to the purchase of cryptocurrencies.
However, no further updates regarding any accumulation plan have been disclosed.
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