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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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Bitcoin gets 'base case' price target of $143,000 at Citigroup
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What to know:
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