GameStop's potential Bitcoin investment has drawn criticism from Peter Schiff, who dismissed the move as a desperate attempt to stay relevant.
The outspoken Bitcoin skeptic argued that both GameStop and Bitcoin are overpriced, suggesting the retailer’s plan is more about boosting its stock than securing a solid financial strategy.
The announcement sent GME shares soaring 20%, echoing the 2021 meme stock frenzy that shook Wall Street.
While some companies have successfully integrated Bitcoin into their balance sheets—most notably MicroStrategy—Schiff believes that without a strong business foundation, simply adding Bitcoin won’t guarantee long-term success.
GameStop is still evaluating its crypto investment options and has yet to make a final decision. CEO Ryan Cohen recently shared a photo with MicroStrategy’s Michael Saylor, sparking speculation, though reports suggest Saylor isn’t directly involved.
This wouldn’t be GameStop’s first venture into crypto; in 2022, the company launched a digital wallet service, only to shut it down a year later due to regulatory concerns.
Ethereum’s blockchain underwent a significant shift on September 15, 2022, moving from a proof-of-work (PoW) security model to proof-of-stake (PoS).
Bitcoin’s dominance in the cryptocurrency market has been steadily climbing, now reaching 58.8%, up significantly from 51% in December.
U.S. spot Bitcoin exchange-traded funds (ETFs) have marked their tenth consecutive day of net inflows, reaching the longest positive streak since December 2024.
A well-known analyst who accurately predicted Bitcoin’s pre-halving pullback last year is still optimistic about BTC’s potential for a major upward move, despite recent price corrections.