GameStop’s Bitcoin Pivot

Prominent American entrepreneur Jason Calacanis is not impressed by GameStop’s Bitcoin pivot.

> “If you’re a public company that can’t figure out a business model, buy bitcoin!” he quipped.

The 54-year-old angel investor joked that this could be great advice if Strategy co-founder Michael Saylor ends up buying $1 trillion worth of Bitcoin.

As reported by U.Today, the video game retailer, which was at the center of meme coin mania in 2021, announced that it had adopted the flagship cryptocurrency as a reserve asset.

The announcement helped boost GameStop stock in after-hours trading but had virtually no impact on Bitcoin’s price.

Some community members celebrated the GameStop news as a positive development for corporate Bitcoin adoption, which has struggled to gain traction. Strategy’s Saylor described it as a “step in the right direction.”

However, James Check, the former lead analyst at Glassnode, did not share this excitement. He recalled his semi-facetious prediction about how “zombie companies” like GameStop would mark the market top by adopting Saylor-like Bitcoin strategies. According to the on-chain analyst, the lack of interest from serious companies is not a good sign.

It’s also worth noting that GameStop boasts $4.6 billion in cash on its balance sheet, with a market cap of over $11 billion.