Renowned economist Peter Schiff criticized video game retailer GameStop Corp.’s GME potential move to invest in Bitcoin BTC/USD on Thursday, likening it to a desperate attempt to gain relevance.
What Happened: Schiff said the company, which he believed lacked a “viable” business plan, had “thrown another Hail Mary” by considering adding Bitcoin to its reserves.
“The irony is that Bitcoin is even more overpriced than GME,” Schiff’s X post read.
He compared GameStop’s plans to Michael Saylor’s Bitcoin Treasury company Strategy, which has spearheaded corporate Bitcoin adoption in the last few months. “No matter; speculators are buying the stock anyway, hoping it becomes another MSTR.”
Schiff has been a vocal critic of MicroStrategy and called it a “great short” previously.
See Also: Robinhood CEO Vlad Tenev Reveals What He’s ‘Most Excited’ About As Crypto Revenue Skyrockets 8X, Stock Surges 15% After Hours
Why It Matters: Schiff’s comments come in the wake of reports that GameStop is mulling adding Bitcoin and other cryptocurrencies to its reserves. The company recently changed its rules on its cash balance, giving CEO Ryan Cohen control over trading the company’s cash balance into stocks and cryptocurrencies.
The speculations were boosted when Cohen shared a photo with Saylor—an outspoken advocate of including Bitcoin on the balance sheets of companies.
GameStop reported a decline in its hardware, software, and collectibles sales revenue in the third quarter.
Price Action: Shares of GameStop soared 7.46% in after-hours trading, after closing 1.35% higher at $26.34 during Thursday’s trading session, according to data from Benzinga Pro.
Moreover, meme coins themed on the company rallied in the last 24 hours. BNB Chain BNB/USD-based GameStop Coin (GME) was up 440%, while another Ethereum ETH/USD-based coin ripped 21%.
It’s worth noting that these coins aren't directly tied to GameStop but rather seek to capitalize on the hype surrounding the meme stock.
Image via Shutterstock
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