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GameStop Investing Craze 'Proof of Concept' for Bitcoin Success, Says Scaramucci
A campaign by members of a Reddit investor forum have caused GameStop stock to spike to record levels in the last week.
Updated Sep 14, 2021, 11:01 a.m. Published Jan 27, 2021, 10:21 a.m.
SkyBridge Capital’s Anthony Scaramucci said Wednesday that retail investor-led stock surges for video gaming firm GameStop suggest bitcoin will ultimately be a success.
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On Tuesday, a volatile trading session largely driven by a campaign by members of the Reddit forum r/WallStreetBets saw GameStop (NYSE: GME) jump 92.7%. Trading of the stock has been halted multiple times in the last week as price spikes triggered market protections.
After Elon Musk joined the fray, tweeting “GameStonks," shares rose 50%. The video gaming stock is now worth $10 billion and classified as a large-cap stock, according to Bloomberg.
Scaramucci said in an interview with Bloomberg that this strong individual trader market action is "proof of concept that [b]itcoin is going to work,” and should be taken "seriously."
He suggested the "decentralized" investor activity is similar to the fundamental concept behind bitcoin, while mobile-based and low-cost trading are "democratizing" formerly insular markets.
Read more: You Can Now ‘Spedn’ Bitcoin at GameStop, Barnes & Noble and More
“How are you going to beat that decentralized crowd? That to me is more affirmation about decentralized finance,” Scaramucci said.
In early January, SkyBridge launched a new bitcoin fund, saying its exposure to bitcoin was already worth $310 million.
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Proposed ‘AfterDark’ Bitcoin ETF Would Skip U.S. Trading Hours
The fund would hold bitcoin only overnight, betting on data showing bitcon gains mostly occur outside regular market hours.
What to know:
- Nicholas Financial has filed with the SEC to launch a bitcoin ETF that holds BTC only during overnight hours.
- The “AfterDark” ETF buys bitcoin after U.S. stocks close for the day and then sells bitcoin and shifts into Treasuries during the American session.
- Data shows bitcoin tending to perform better when traditional U.S. markets are closed.
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