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 has 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 appeared at the center of the meme coin mania in 2021, announced that it had adopted the flagship cryptocurrency as a reserve asset.
The announcement helped to boost the GameStop stock in after-hours trading. However, it had virtually no impact on the Bitcoin price.
Some community members have celebrated the GameStop news as a positive development for corporate Bitcoin adoption, which has so far struggled to gain significant traction. Strategy’s Saylor described it as a “step in the right direction.”
James Check, the former lead analyst at Glassnode, did not share this excitement. He recalled his semi-facetious prediction about how “zombie companies” of the likes of GameStop would mark the market top by adopting Saylor-like Bitcoin strategies. The fact that “serious” companies are not rushing to adopt Bitcoin is not a good sign, according to the on-chain analyst.
That said, it is worth noting that GameStop boasts $4.6 billion of cash on its balance sheet. The company also has a market cap of over $11 billion.