American millionaire Anthony Scaramucci called on GameStop, a company specializing in the retail sale of video games, to invest in Bitcoin, which is the largest cryptocurrency by market value.
This proposal comes after a sharp decline in GameStop shares, which fell by nearly 30% after the company announced disappointing financial results and a plan to issue more shares.
This decline came after a previous rise of 50%.
GameStop and its complex relationship with cryptocurrencies:
After GameStop became one of traders' favorite stocks in early 2021, the company seemed a natural fit to enter the world of speculative digital assets.
In May 2022, GameStop launched a self-custodial digital wallet for cryptocurrencies and non-fungible tokens (NFT). However, with continued regulatory uncertainty, the company decided to abandon this project in August 2023.
In another step toward getting involved in the cryptocurrency space, GameStop launched an NFT marketplace in June 2022.
But this project was not successful, and the market was closed later that year.
Given that GameStop has backed away from its previous ventures into cryptocurrencies, it seems unlikely that it will embrace Bitcoin as a reserve asset in the near future.
Although Scaramucci's invitation may add some light to the company's future, its current strategies indicate its reluctance to expand into this turbulent field.
Posted Using InLeo Alpha