GameStop

Bitcoin

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American financier Anthony Scaracummi has&nbsp;<a href="https://x.com/Scaramucci/status/1799060560702841323" rel="noopener noreferrer nofollow">suggested</a> that video game retailer GameStop should buy Bitcoin, the largest cryptocurrency by market capitalization.&nbsp;
Earlier today, GameStop's shares nose-dived roughly 30% after revealing underwhelming financial results and announcing its plan to issue more shares.&nbsp;
This was a sharp turnaround after the shares of GameStop soared by almost 50% due to a livestream announcement by a YouTube account that is believed to be related to prominent American financial analyst and investor Keith Gill (colloquially known as "Roaring Kitty").&nbsp;&nbsp;
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Gill was supposed to celebrate becoming a paper billionaire in his livestream this Friday, but GameStop's most recent underperformance put a stop to it.
The company also stressed the recent massive rally was not based on fundamentals, taking a not-so-veiled shot at "Roaring Kitty."
Roughly half of Polymakers users were betting that Gill's position in GameStop would hit the $1 billion mark.&nbsp;
Gill, who came to prominence after spearheading the GameStop bonanza back in 2011, reappeared on social media last month with cryptic posts that his followers persistently tried to decipher. As&nbsp;<a href="https://u.today/jim-cramer-breaks-silence-on-roaring-kittys-180-million-gamestop-bet" rel="noopener noreferrer nofollow">reported by U.Today</a>, there is some speculation that his recent antics might attract scrutiny from the U.S. Securities and Exchange Commission due to market manipulation concerns.&nbsp;
<h2 id="gamestop-and-crypto">GameStop and crypto</h2>
After becoming the darling of retail traders in early 2021, GameStop seems like an obvious match for speculative digital assets.&nbsp;
In May 2022, the company launched self-custodial wallets for cryptocurrencies and non-fungible tokens (NFTs). However, it later ditched them in August 2023 due to the lack of regulatory clarity.&nbsp;
GameStop also rolled out its own NFT marketplace in June 2022, but it was shut down as well earlier this year.&nbsp;
Given that GameStop has abandoned its previous crypto efforts, it is unlikely to adopt Bitcoin as its reserve asset anytime soon.

Scaramucci: GameStop Should Buy Bitcoin

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